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The regulatory challenges are still haunting the major digital assets linked organizations. Amid this tussle, Coinbase’s Chief Legal Officer has again attacked the US Securities and Exchange Commission (SEC). He found out that the commission is drifting from its own guidelines. Coinbase legal chief slams SEC 
Paul Grewal stated that the SEC in a brief avoided the dismissal of its case against <a href="https://news.todayq.com/sec-hit-with-heavy-sanctions-in-debt-box-crypto-case/" rel="noopener noreferrer nofollow">Debt Box</a> with prejudice. He added that the commission includes a remarkable admission that it did not follow its own typical Wells process when it refused to tell us what assets would be charged as securities.
He mentioned that “The Wells process is designed to aid the charging decision for a specific potential defendant. The SEC staff typically provides a thorough explanation of the evidence it would use to prove potential charges against a particular person or entity.”
This comes after a lawsuit filed by the SEC against Coinbase last year. The commission accused the exchange of operating as an unregistered exchange, broker, and clearing agency.
Coinbase legal head highlighted that they received no “thorough explanation” of the evidence of what assets supposedly gave rise to securities transactions. He added that the platform wasn’t told what assets were at issue at all.
Grewal questioned Why would the government not follow its “typical” process in our case, and what does that say about its claims? What’s next? 
It is important to note that despite Coinbase’s appeal against the lawsuit, the SEC has filed a request for dismissal. The watchdog alleged that the exchange was involved in unregistered securities transactions since 2019. This legal battle has already raised questions about the watchdog’s conduct.
The legal battle had affected the crypto market as well. Bitcoin price has dropped by 4% in the last 7 days. BTC is trading at an average price of $61,765, at the press time. Its 24 hour trading volume is up by 9% to stand at $25.2 billion. However, the global crypto market cap dropped by 1.2% in the last 24 hours to stand at $2.26 trillion.
Hayden Adams, founder of Uniswap, criticized the SEC for targeting “good actors” in the industry instead of providing clear regulatory guidelines. As Gary Gensler and his team ramp up efforts to regulate the crypto space, industry players are pushing back against what they perceive as regulatory overreach and inconsistency.

Coinbase legal chief accuses SEC of ignoring guidelines in lawsuit

Todayq News

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