Coinbase in Rage as SEC Delays Response – Regulatory Clarity for Crypto Industry Postponed Again

CryptoNewsFlash

2023-06-15 12:28:54

Earlier this week on Tuesday, June 13, the U.S. Securities and Exchange Commission (SEC) filed a response to Coinbase’s request for more clarity for crypto regulations. This comes despite Coinbase pursuing the response for a while back even before the recent SEC lawsuit.

On Wednesday, June 14, Paul Grewal, Coinbase’s head of legal, made the announcement, sharing the letter on Twitter. The SEC letter notes that the regulatory authority would need at least four months of recommendation. Also, the federal securities regulator stated:

It was back in July 2022, that Coinbase had submitted a petition to the SEC asking for clarity on crypto rules and how the asset class should be regulated. Year this year in April 2023, Coinbase sued the SEC over the matter. Outraged by the postponement, Coinbase’s chief of legal Paul Grewal wrote:

SEC vs Coinbase

As we know, the US SEC is now embroiled in a legal battle with Coinbase as the Commission has accused Coinbase of violating federal securities laws. Coinbase’s legal team has responded to all the allegations and is ready to take the battle to the high court against the SEC.

Coinbase’s chief utive officer (CEO) Brian Armstrong has recently stated that he is willing to seek legal course for this matter. “Regarding the SEC complaint against us today, we’re proud to represent the industry in court to finally get some clarity around crypto rules,” he said last week.

Armstrong expressed his confidence in facing the court, stating, “I believe we will come out fine.” He also indicated his preparedness to handle a potentially long legal process, saying, “Even if it takes a while, that’s alright.”

Armstrong emphasized the limited portion of assets mentioned in the SEC complaint, noting that Coinbase offers trading for over 200 assets. He pointed out that out of those, only 13 are classified as securities, representing a relatively small percentage. Armstrong defended the company’s stance based on this information.

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