<\/p>\n
The chief legal officer of crypto exchange Coinbase says that the U.S. Securities and Exchange Commission (SEC) is determined to stifle the digital asset industry.<\/p>\n
In a new thread on the social media platform X, Coinbase executive Paul Grewal says that the regulatory agency is \u201cbent on choking\u201d the digital assets industry by mandating rules that are \u201cunworkable\u201d for crypto firms.<\/p>\n
According to Grewal, the SEC is claiming jurisdiction over the crypto industry without Congress authorization or making clear guidelines.<\/p>\n
\u201cToday we filed our closing brief in the Third Circuit challenging the SEC\u2019s denial of our rulemaking petition. At the core of this case is a single, conclusory sentence in the SEC order under review. <\/em><\/p>\n That sentence \u2013 which \u2018disagree[d]\u2019 that SEC rules are unworkable for digital asset firms \u2013 offered no reasoned decision making; it offered no reason at all. <\/em><\/p>\n The SEC\u2019s order must be vacated on this elementary ground alone. The SEC cannot claim broad jurisdiction over a new industry without proper authorization from Congress and without making clear rules.\u201d<\/em><\/p>\n Grewal also says that the SEC is firm about suppressing the growth of the crypto industry by ignoring requests for regulatory clarity.<\/p>\n \u201cRemarkably, the SEC says \u2013 over and over again \u2013 that it doesn\u2019t matter if the industry can comply with the rules. The SEC is bent on choking the digital asset industry and is refusing to provide the necessary rules the industry has requested in order to tighten the squeeze.\u201d\u00a0<\/em><\/p>\n In July 2022, Coinbase\u00a0filed<\/a>\u00a0a petition with the SEC to create a new regulatory framework for digital assets, but the regulator\u00a0rejected<\/a>\u00a0the proposal, saying that it disagreed with the idea that securities laws do not apply to the crypto industry.<\/p>\n Coinbase has sought the assistance of the court to compel<\/a> the SEC to engage in rulemaking. In the crypto exchange\u2019s latest filing, Coinbase says the SEC continues to double down on holding back the industry.<\/p>\n \u201cThe SEC\u2019s response brief is confirmatory: Confirmatory that the government is intent on crushing the digital asset industry. Confirmatory that the SEC will advance the most startling, inconsistent, and insupportable propositions of law to prolong its oppressive campaign. <\/em><\/p>\n And confirmatory that anything other than an order to promptly commence rulemaking will abet the dithering and delay that is central to the SEC\u2019s multi-prong attack.\u201d <\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Featured Image: Shutterstock\/fran_kie<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The chief legal officer of crypto exchange Coinbase says that the U.S. Securities and Exchange Commission (SEC) is determined to stifle the digital asset industry. In a new thread on the social media platform X, Coinbase executive Paul Grewal says that the regulatory agency is \u201cbent on choking\u201d the digital assets industry by mandating rules […]<\/p>\n","protected":false},"author":2,"featured_media":32336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-316113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/316113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=316113"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/316113\/revisions"}],"predecessor-version":[{"id":316119,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/316113\/revisions\/316119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/32336"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=316113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=316113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=316113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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