In a recent development shaking the crypto space, Coinbase Chief Legal Officer (CLO) Paul Grewal has taken a bold stance against the Securities and Exchange Commission (SEC). Moreover, he urged fellow industry giants such as Ripple, Robinhood, Binance, and others to scrutinize their interactions with the regulatory body.

Coinbase CLO Questions Ripple, Binance, Uniswap & Others

Directly addressing prominent entities in the cryptocurrency and financial space, Grewal posed a series of pointed questions. In a post on X, the Coinbase CLO asked Robinhood if they got a ‘thorough explanation’ in their Wells process. In addition, he called upon the crypto entities who were slapped with Wells notices from the SEC. These include Ripple, Binance, Kraken, and Uniswap.

Moreover, the Coinbase CLO’s inquiry aimed to shed light on whether other companies had experienced similar treatment from the SEC. This suggests a pattern of behavior rather than an isolated incident. In addition, Grewal labeled the SEC’s actions as “straight up gaslighting.”

Additionally, he hinted at an intentional manipulation of facts to deceive or confuse. Moreover, the Coinbase CLO emphasized the significance of the matter, particularly in the context of the ongoing legal proceedings before Judge Shelby and the United States District Court.

Also Read: Ripple SEC News: XRP Institutional Sales Discounts, Agreement to Sell, & Other Key Details Sealed

Grewal Spotlights Not Receiving A Thorough Explanation

Grewal’s call to action comes in the wake of a striking revelation made by him regarding the SEC’s handling of the case against Debt Box. In a scathing critique, the Coinbase CLO highlighted the SEC’s failure to adhere to its own protocol. He slammed the SEC for not following the Wells process, which is designed to provide clarity to potential defendants.

He quoted the SEC’s admission, which stated, “The Wells process is designed to aid the charging decision for a specific potential defendant. The SEC staff typically provides a thorough explanation of the evidence it would use to prove potential charges against a particular person or entity.”

Additionally, the Coinbase CLO highlighted the crypto exchange’s stance of not receiving an explanation on a similar move against them. He wrote, “We received no ‘thorough explanation’ of the evidence of what assets supposedly gave rise to securities transactions. We weren’t told what assets were at issue at all.” This departure from the usual procedure, Grewal argued, raises questions about the validity of the SEC’s claims.

Also Read: Coinbase CLO Slams SEC for Skipping Wells Process in Debt Box Lawsuit

The post Coinbase CLO Calls On Ripple, Robinhood, Binance After SEC’s Latest Mishap appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am