SEC acted “intentionally” by making allegations against Coinbase hours before the exchange’s general counsel, Paul Grewal, spoke before Congress. About it declared former chairman CFTC Christopher Giancarlo.
He noted that, judging by his experience of leading a federal agency, this step was thought out in advance.
During the hearing, Grewal named the SEC lawsuit is “disappointing but not surprising.” The lawyer was scheduled to testify on digital asset regulation in the US.
“I think there is a very good chance that these bills will pass the House of Representatives this year,” the former official added.
Giancarlo led the CFTC from 2017 to 2019. Under his leadership, the regulator approved trading in bitcoin futures. After his resignation, he led the Digital Dollar Project, a non-profit organization promoting the idea of issuing a national digital currency, and invested in BlockTower Capital, a cryptocurrency hedge fund.
In 2022, Giancarlo joined the advisory board of cryptocurrency-focused investment company CoinFund.
Previously, Coinbase refused to suspend services or make listing adjustments due to SEC claims. The head of the company, Brian Armstrong, also rejected concerns about the financial stability of the platform in the event of a mass withdrawal of assets by investors.
Recall, Grewal called the agency’s approach to regulating the crypto industry “undermining US competitiveness.”
On June 15, Coinbase General Counsel responded to the SEC proposal to expand the definition of an exchange to DEX. The specialist stated that the agency’s powers “do not include the power to prohibit [децентрализованные платформы] without the express permission of Congress.”
Coinbase later accused the SEC of ignoring a court order to respond to a petition in which the company demanded clarity on the regulation of the crypto industry.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
SEC acted “intentionally” by making allegations against Coinbase hours before the exchange’s general counsel, Paul Grewal, spoke before Congress. About it declared former chairman CFTC Christopher Giancarlo.
He noted that, judging by his experience of leading a federal agency, this step was thought out in advance.
During the hearing, Grewal named the SEC lawsuit is “disappointing but not surprising.” The lawyer was scheduled to testify on digital asset regulation in the US.
“I think there is a very good chance that these bills will pass the House of Representatives this year,” the former official added.
Giancarlo led the CFTC from 2017 to 2019. Under his leadership, the regulator approved trading in bitcoin futures. After his resignation, he led the Digital Dollar Project, a non-profit organization promoting the idea of issuing a national digital currency, and invested in BlockTower Capital, a cryptocurrency hedge fund.
In 2022, Giancarlo joined the advisory board of cryptocurrency-focused investment company CoinFund.
Previously, Coinbase refused to suspend services or make listing adjustments due to SEC claims. The head of the company, Brian Armstrong, also rejected concerns about the financial stability of the platform in the event of a mass withdrawal of assets by investors.
Recall, Grewal called the agency’s approach to regulating the crypto industry “undermining US competitiveness.”
On June 15, Coinbase General Counsel responded to the SEC proposal to expand the definition of an exchange to DEX. The specialist stated that the agency’s powers “do not include the power to prohibit [децентрализованные платформы] without the express permission of Congress.”
Coinbase later accused the SEC of ignoring a court order to respond to a petition in which the company demanded clarity on the regulation of the crypto industry.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!