Coinbase, a major U.S. cryptocurrency exchange, has intensified its campaign for definitive crypto regulation. This move follows <\/span>recent actions<\/span><\/a> by the Securities and Exchange Commission (SEC) against fellow exchange Kraken.\u00a0<\/span><\/p>\n On November 22, Coinbase\u2019s legal team responded to an SEC letter from the previous day, highlighting the urgency for clear regulatory guidelines. This response was part of an ongoing effort initiated in July 2022 when Coinbase first petitioned the SEC for comprehensive rules on digitally native securities.<\/span><\/p>\n <\/p>\n The SEC\u2019s recent promise to provide a status report on crypto <\/span>rulemaking<\/span><\/a> by December 15 has not satisfied Coinbase. The exchange\u2019s representatives argue that the SEC\u2019s history of postponement and vague responses necessitates a more decisive legal mandate. They assert that the SEC\u2019s actions, including the enforcement against Kraken, demonstrate an avoidance of committing to concrete regulatory standards.<\/span><\/p>\n <\/p>\n Coinbase\u2019s argument gains traction from the SEC\u2019s recent <\/span>allegations<\/span><\/a> against Kraken. Filed on November 20, these allegations accuse Kraken of customer funds\u2019 commingling and failing to register as a securities exchange. This case, alongside the ongoing situation with Binance, spotlights the murky regulatory landscape in which crypto businesses operate. Coinbase uses these examples to emphasize the need for clear, consistent, and fair regulations.<\/span><\/p>\n Significantly, Coinbase\u2019s legal push comes at a critical time when the SEC is <\/span>reportedly close<\/span><\/a> to deciding on a Bitcoin exchange-traded fund (ETF), which could significantly impact mainstream crypto adoption. Coinbase\u2019s CEO, Brian Armstrong, has reiterated the importance of compliance and legal adherence, even at the expense of growth speed. This commitment to regulation, he argues, is essential for long-term success in the crypto industry.<\/span><\/p>\n <\/p>\n Read Also:<\/b> OpenAI Debacle Triggers Support for Open Source AI Rivals<\/span><\/a><\/p>\nSEC\u2019s Delay Tactics and Coinbase\u2019s Reaction<\/h2>\n
Kraken\u2019s Case Underscores Regulatory Uncertainty<\/h2>\n
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