Crypto trading giant Coinbase Exchange has challenged a recent proposition by the United States Securities and Exchange Commission (SEC) to expand the definition of exchanges. Taking to the X social media platform, the trading firm’s Chief Legal Officer (CLO) Paul Grewal pointed out that it has lodged an official opposition to the new blanket definition.

Coinbase and SEC: Unending Regulatory Disparity

Is it not uncommon for the exchange and the markets regulator to go toe-to-toe on regulatory matters. Notably, Paul Grewal pointed out that the commission’s inclusion of Decentralized Exchanges (DEXs) in the definition did not come with critical analysis.

Today @coinbase submitted another set of concerns with @SECgov over the agency’s proposal to expand the definition of “exchange.” In short, the SEC’s proposal lacks critical analysis, rests on irrational assumptions, fails to show that there is any problem in need of regulation,…

— paulgrewal.eth (@iampaulgrewal) August 12, 2024

This is one of the many direct regulatory or policy contention between both entities. Recently, the exchange and VanEck Executives blamed the regulator over increasing borrowing costs associated with Bitcoin ETFs.

This is a developing story, please check back for updates!!!

The post Breaking: Coinbase Challenges SEC’s Expanding Exchange Definition appeared first on CoinGape.

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Filed under: News - @ August 12, 2024 3:09 pm