Coinbase CLO Calls Out SEC’s Confusing Stance on Crypto Tokens
The post Coinbase CLO Calls Out SEC’s Confusing Stance on Crypto Tokens appeared on BitcoinEthereumNews.com.
Coinbase CLO criticizes the SEC’s inconsistency in classifying crypto tokens as securities in a surprising legal twist. Grewal highlights the SEC’s confusion about Ethereum’s special treatment, leaving the crypto community in uncertainty. The United States Securities and Exchange Commission (SEC) has recently come under fire for its contradictory stance on the classification of cryptocurrencies as securities. According to Good Morning Crypto, an influential voice in the cryptocurrency industry, the SEC has spent hundreds of millions of taxpayer dollars suing numerous crypto firms in the United States over the last four years, categorizing each coin as a “crypto asset security.” However, in an unexpected move, the SEC has stated that it never intended to imply that cryptocurrencies are securities, leaving the crypto world bewildered by this abrupt shift in narrative. SEC: We spent hundreds of millions in taxpayer money over four years relentlessly suing every crypto company in the U.S., labeling every crypto as a “crypto asset security.” Also SEC: We apologize for any confusion—at no point did we intend to suggest that crypto assets are… https://t.co/WHXdKR0xUN — Good Morning Crypto (@AbsGMCrypto) September 13, 2024 Coinbase CLO Highlights SEC’s Contradictions in Crypto Lawsuit The reaction from Good Morning Crypto was spurred by a tweet from Chief Legal Officer of Coinbase, Paul Grewal, who mentioned an important paragraph in the SEC’s amended lawsuit against Binance. Grewal stated that the SEC “regrets any confusion it may have invited” by mistakenly and frequently declaring that crypto tokens are securities. Grewal’s tweet highlighted the discrepancy in the SEC’s approach, which has long maintained that tokens are securities through enforcement proceedings. Source: Paul Grewal on X He also speculated on how this unexpected disclosure would effect other legal experts, including Stuart Alderoty, Ripple’s Chief Legal Officer, who has been significantly involved in defending Ripple against the…
Filed under: News - @ September 14, 2024 11:22 am