Crypto Exchange Coinbase Presses for Crypto Regulation amidst SEC Delay
The post Crypto Exchange Coinbase Presses for Crypto Regulation amidst SEC Delay appeared on BitcoinEthereumNews.com.
In the new letter filed at the US Court of Appeals for the Third Circuit, Coinbase’s legal team believes that only the court can order the SEC to do its bidding to provide a clear regulatory framework for the crypto space instead of choosing to control the industry by enforcement. Coinbase Global Inc (NASDAQ: COIN) has once again called for urgent action from the US Securities and Exchange Commission (SEC) regarding the establishment of clear regulatory frameworks for the crypto industry. In response to a recent letter from the SEC indicating a status report on Coinbase’s crypto rulemaking petition by December 15, the exchange filed a compelling argument in the US Court of Appeals for the Third Circuit on November 22, asking the regulator to expedite the process. Regulatory Reluctance The filing submitted by Coinbase’s legal team, led by its chief legal officer Paul Grewal, referenced the SEC’s recent enforcement action against Kraken, another crypto exchange, for violations of federal securities laws. Coinbase’s legal representatives asserted that the SEC’s handling of the Kraken case, which accused the exchange of commingling customer funds and failing to register appropriately, exemplifies the regulator’s reluctance to establish regulatory clarity. The company’s lawyer, Eugene Scalia, criticized the SEC’s stance, stating that the recent enforcement action against Kraken is further evidence that the SEC sees no need for regulatory clarity and urged the court to reject this perceived lack of commitment. “The Kraken action was necessarily approved by the Commission and (like previously commenced suits against Coinbase and others) is further evidence that the Commission sees no need for regulatory clarity. Its course is determined, and the court should reject this latest empty gesture,” said Scalia. In the new letter filed at the US Court of Appeals for the Third Circuit, Coinbase’s legal team believes that…
Filed under: News - @ November 23, 2023 12:28 pm