Coinbase Urges Authorities To Refocus Their Legal Efforts

Coinbase CEO Expects a 50% Revenue Decline in 2022
  1. The Chief Legal officer of Coinbase creates a stir in the crypto Twitter space.
  2. He draws light to how Coinbase has always been open to collaborating with the SEC.
  3. Yet the SEC has always been silent and the Commission should recognize this.

As the current banking and crypto sector face-off, it is slowly becoming clearer to the general public on whom they should trust. With major traditional banks collapsing all around us, Crypto-focused banking services and being more transparent than ever. 

The Chief Legal Officer of Coinbase, Paul Grewal, shares the honest truth about their goals and will for the future. To highlight, he says that Coinbase has always been in favor of working with the authorities to offer the best of policies and the fairest of regulations to the masses.

Specifically, Grewal says he testified to Congress just a week ago. In detail, he spoke of Coinbase’ constant efforts to register with the SEC. Coinbase hopes to begin offering digital asset securities and so filed an amicus brief to the SEC. 

To elaborate, the brief explains why the SEC’s misguided suit continues to make things worse. In order to start offering securities, Coinbase petitioned the SEC to begin the rulemaking process the previous year. It put together 50 questions that needed answers for them to list securities. Till date, Coinbase has not heard back from the SEC.  

In his Twitter thread, Grewal vents a little by expressing his frustration at the Commission. He says that instead of focusing on practical and lasting solutions like registration options and developing rules, the entity prioritizes actions that will harm the sector. 

In fact, Grewal says moves such as this will only contribute towards distorting the legal definition of any investment contract, perhaps even beyond recognition. He says that it is important to remember the rule of law. This is a factor the DOJ recognized as it charged Coinbase’s former employee and accomplices with wire fraud, not securities fraud. 

Lastly, he finishes his thread by thanking the district court for its careful consideration of the matter. In light of all the chaos of traditional banks collapsing, perhaps the SEC should focus its hawkish glare to ease crypto-centric services.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.