This year, the SEC intensified its regulatory efforts by targeting other prominent American digital asset exchanges like Kraken and Gemini, alleging the sale of unregistered securities.
Before filing the lawsuit against Coinbase, the SEC also leveled 13 civil charges against Binance, its American sister exchange Binance US, and their CEO Changpeng Zhao. Meanwhile, the SEC’s recent lawsuit against Coinbase accuses the exchange of operating as an unlicensed securities exchange and prioritizing its profits over investor interests.Ĥ/5 /7obUPvATqK- paulgrewal.eth June 13, 2023Ĭhairman Gary Gensler has been at the forefront of the SEC’s extensive crackdown on the cryptocurrency industry, asserting that, except Bitcoin, all digital coins and tokens should be considered securities. He further criticized their refusal to commit to a deadline, disregarding the explicit order from the court. The filing, made last year, sought clarification from the SEC on classifying assets as securities and regulating digitally native securities.Ĭoinbase’s Chief Legal Officer, Paul Grewal, voiced his concerns on Twitter, emphasizing that the SEC persists in falsely claiming they have not made any decisions regarding new crypto rules. Court of Appeals for the Third Circuit, who required the SEC to disclose whether it intends to deny Coinbase’s petition. This comes in response to an order from Judge Cheryl Ann Krause of the U.S. In a filing on Tuesday, the Wall Street regulator stated that it had not determined its course of action regarding Coinbase’s petition for rulemaking. Securities and Exchange Commission (SEC) has yet to decide on clarifying new cryptocurrency regulations following a special request from Coinbase, the nation’s largest crypto exchange.
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