SEC Regulations: A Threat To Crypto, Says Coinbase

Coinbase, a leading cryptocurrency exchange, has recently criticized the Securities and Exchange Commission’s regulatory approach. In its closing brief for the rulemaking petition, filed on May 31, 2024, Coinbase asserted, “The SEC is serious about the destruction of digital assets.”

Chief Legal Officer of Coinbase, Paul Grewal, spoke about the exchange’s defense against the regulators. Grewal said, “The SEC wants to stop the digital asset market. They aren’t giving the industry the rules it needs.”

Coinbase contended that despite the exchange’s repeated efforts, the SEC had not taken steps to establish clear crypto regulatory laws. The platform further stated, “Providing the agency with more chances to justify its actions is both futile and utterly unwarranted.”

Furthermore, Coinbase contended that the SEC attempted to downplay its authoritarian control over the crypto sector by suggesting that the regulations would only impact a minor portion of the industry. The exchange argued, “The SEC seeks to minimize its oppressive stance by asserting that only a ‘small set of market participants’ ‘may’ face ‘compliance difficulties’ under ‘discrete provisions’ of existing rules.”

Coinbase Commerce Enables Crypto Donations To Trump

There is a growing demand for a clearer and more user-friendly regulatory framework. Individuals, industry experts, and political leaders are calling on authorities to establish new cryptocurrency laws. Coinbase Commerce lets people donate any cryptocurrency to the Trump campaign. Julia Krieger, a Coinbase spokesperson, said this. People can use this platform to support the candidate with digital money.

For example, former US President Donald Trump recently highlighted the importance of regulatory clarity in the country. By accepting cryptocurrency donations and advocating for the formation of a “crypto army,” Trump challenged the SEC and the Biden Administration’s anti-crypto position.

However, With the Trump campaign’s decision to accept cryptocurrency donations, Donald Trump has become the first major party nominee to embrace this form of contribution. In contrast, Biden cautioned his supporters, stating, “Cryptocurrency executives and oil barons are emerging to support Trump.”

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.