Bitrabo Editorial
Coinbase, a US-based cryptocurrency exchange, has filed a document accusing the US Securities and Exchange Commission (SEC) and its chairman of attempting to suppress the cryptocurrency sector.
This filing comes in response to an ongoing legal dispute between Coinbase and the SEC over alleged unregistered sales of securities.
Coinbase Criticizes SEC’s Legal Claims
In a recent filing, Coinbase criticizes the SEC’s enforcement actions, suggesting a deliberate attempt to undermine the digital asset industry. The exchange claims the SEC is making inconsistent legal claims and waging an oppressive campaign against the industry.
According to Coinbase, the SEC is not fulfilling its duty to create feasible compliance rules and is instead using regulations as tools to target industries rather than promote compliance.
Coinbase asserts that the SEC is overstepping its jurisdiction and attempting a policy change through punitive actions against the digital asset industry.
The exchange also disputes the SEC’s invitation for digital asset firms to register, calling it insincere in light of recent developments.
Impact on Cryptocurrency Exchanges
The legal battle between Coinbase and the SEC has drawn significant attention. A ruling favored the SEC, stating that the transactions in question fit the definition of securities.
This ruling could affect not only Coinbase but also other major exchanges like Binance, as the SEC has also targeted them for alleged unregistered sales of crypto asset securities.
This conflict highlights the regulatory hurdles faced by the cryptocurrency industry due to unclear guidelines and rules, hindering its growth. Participants argue that SEC rulemaking is necessary to provide stability and clarity in the digital asset sector.
The outcome of this legal battle will have broad implications for Coinbase and the cryptocurrency industry as a whole, shaping the regulatory environment and the industry’s future in the US.
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