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Key Takeaways
- #SEC has sent a Wells notice to Coinbase Exchange which is likely to be followed by enforcement action
- The CEO of the Exchange labeled SEC as soccer referees in a game of pickleball
When SEC should be working with #crypto businesses to develop a common consensus toward proposed #crypto regulation, it is busy pushing the limits of industry giants.
Sharing the news with its users Brian Armstrong, the founder of #Coinbase exchange said that SEC had previously checked their businesses and approved them to go public and now it wants to redo everything for no substantial reason given. Brian also said in its series of tweets that the exchange will be going to the courts to show the masses how #SEC had explicitly unfair and unresponsive towards the industry concerns. While it repeatedly showed a lack of seriousness of purpose when it comes to engagement on digital assets.
Paul Grewal, the Chief Legal Officer of Coinbase exchange, also shared a blog on his Twitter highlighting how SEC first asked the exchange to propose a mechanism and then stopped responding. Grewal’s blog was titled, “We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.”
The point lies in the fact that the SEC is pushing the crypto businesses to court without considering the impact of these unforeseen scrutinies. Even after all this, #SEC could not control the fall of crypto businesses and well-established banks in the past. These sudden actions against the industry giants look nothing more than a cover-up for SEC’s efficiency in managing its last blunders.
The industry would be looking forward to seeing how things will proceed in this case and how Coinbase will tackle things legally.
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Also, Read - French Government to Ban Crypto Influencer Promotions: Where is the Free Speech?