![]() ![]() Grewal made that same point again Tuesday before the House committee, calling the company's dialogue with the SEC a "monologue." "We've tried, and there's just no way to do it." "There's no path to registering," Shirzad told Yahoo Finance during that interview. Grewal, Coinbase's chief legal officer, said Tuesday before the House Agriculture Committee that "the solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation.”Ĭoinbase's CEO said on Twitter that "SEC and CFTC have made conflicting statements, and don't even agree on what is a security and what is a commodity." The SEC, he added, reviewed Coinbase's business and allowed it to become a public company in 2021.Ĭoinbase's chief policy officer Faryar Shirzad told Yahoo Finance in March that it tried to register with the SEC but never heard back. The SEC reviewed our business and allowed us to become a public company in 2021. Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.ġ. "And we don't think that it will stop anytime soon."Ĭoinbase first warned of a potential action in a March 22 regulatory filing, saying it received a Wells Notice stating that SEC staff had made a "preliminary determination" to recommend an enforcement action for violations of federal securities laws.Ĭoinbase then sued the SEC in April, asking a federal judge to force the regulator to publicly share whether it would propose new securities rules for digital assets or extend existing securities rule-making processes to the asset class. "The dragnet that the SEC has put out against crypto continues," Mark Palmer, Berenberg Capital Markets senior equity research analyst told Yahoo Finance Tuesday. US crypto exchange Kraken paid $30 million in fines to settle SEC charges in February, for allegedly violating securities rules by failing to register its crypto asset staking program. ![]() Since the beginning of the year, the SEC has charged 15 different crypto actors with violating securities laws. The two new complaints from the SEC represent the latest of many recent high-profile clashes between US regulators and the larger crypto world. Bitcoin rose to $26,700, for a 24-hour rise of 4.3%, and the total market capitalization for crypto assets was up 3%. "So if we need to avail ourselves of the courts to get clarity, so be it."Ĭoinbase stock fell 12% Tuesday, but other cryptocurrency assets rebounded over the course of the day. "The SEC has taken a regulation by enforcement approach that is harming America," Armstrong said on Twitter. He and Coinbase CEO Brian Armstrong in separate statements confronted the SEC, arguing that the agency was being overly aggressive without establishing clear rules for their industry. Ten states, led by California, also sued Coinbase for allegedly violating state securities laws.Ĭoinbase's chief legal officer Paul Grewal, appearing before a House Agriculture Committee Tuesday to discuss how the crypto industry could be regulated, said "it's disappointing but not surprising that the SEC has decided to bring legal action against Coinbase today." The US lawsuit filed in the Southern District of New York came a day after the SEC sued the world's largest crypto exchange, Binance, for violating securities laws, mishandling customer funds and misleading investors. ![]()
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