Coinbase Resolutely Strong Against SEC To The End

Key Points:

• Coinbase has said that it is prepared to pursue its legal battle with the SEC all the way to the United States Supreme Court.
• The SEC sued the exchange for violating guidelines by enabling customers to trade tokens that were really unregistered securities.

According to Bloomberg, the crypto exchange Coinbase stated that as the US government agencies expand their crackdown on what it regards as online security tokens, the exchange is willing to take its legal battle with the US Securities and Exchange Commission all the way to the U.S. Supreme Court.

Coinbase Chief Legal Officer Paul Grewal said in an interview:

“If it takes going to the Supreme Court, that’s what we’re prepared to do. I think that every court that looks at this issue is going to conclude the SEC has fundamentally gotten this wrong.”

On a separate issue, the U.S. Court of Appeals filed an order giving the SEC seven days to submit a letter stating whether it rejected Coinbase’s application for crypto rulemaking and how much time the agency needed to decide.

According to the news yesterday, the SEC sued the exchange, accusing Coinbase of failing to register with the agency as a broker, exchange, or clearing company. Its pledge plan also violated securities laws.

In its lawsuit against Coinbase, the SEC identified SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO tokens as securities. The exchange responded that the solution is legislation, not litigation and that it will operate as usual.

According to The Block editor-in-chief Frank Chaparro, Coinbase Chief Legal Officer Paul Grewal responded to the SEC lawsuit, saying that in the absence of clear rules for the digital asset industry, the SEC relies on an enforcement-only approach, which harms U.S. economic competitiveness and the compliance commitments of companies like Coinbase.

The solution is legislation that allows fair road rules to be made transparently and applied equally, not lawsuits. In the meantime, Coinbase will continue to operate business as usual.

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Harold

Coincu News