Coinbase, a major cryptocurrency exchange, is accusing the SEC (Securities and Exchange Commission) of deliberately harming the crypto industry by refusing to create clear regulations. In a recent court filing, Coinbase argues that the #SEC is prioritizing enforcement actions over establishing fair and achievable rules for cryptocurrency businesses.
#Coinbase claims the SEC isn’t interested in collaborating to develop a framework for the industry. They argue that the SEC seems content with the current situation where they can take legal action against crypto firms for violating unclear guidelines.
The filing also highlights concerns raised by other SEC commissioners who believe the agency’s approach is hindering innovation and stifling the growth of the digital asset industry. One commissioner, Hester Pierce, recently proposed a program allowing collaboration between US and UK blockchain firms on new financial products.
Coinbase argues that the SEC downplays the impact of its regulations, claiming they only create difficulties for a small portion of the industry. However, Coinbase disagrees, stating that the lack of clear rules creates compliance challenges for many crypto businesses.
Background on the Lawsuit
The SEC sued Coinbase in June 2023, alleging that the #exchange operates unregistered as a broker, exchange, and clearing agency, failing to comply with securities market regulations. Coinbase has attempted to have the lawsuit dismissed, but the SEC has so far been successful in keeping it active.
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