Coinbase Attorney Urges SEC to Announce Crypto Rules

Richard M. November 24, 2023 4 minute read

Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a transparent set of rules for cryptocurrency wallets, trading, and exchange platforms so that visual asset service providers can operate under regulatory actions.

The leading crypto exchange wallet, Coinbase, enforced the US Securities and Exchange Commission to implement a transparent set of laws for the cryptocurrency industry. The Coinbase attorney claimed the SEC is making “hedge and delay” over announcing regulations for virtual assets. The US regulatory authorities also sued Kraken crypto wallets for mixing users’ funds and operating without compliance with the AML system. According to Coinbase’s lawyer, the SEC should urgently issue transparent obligations for crypto registration. Framing the latest regulations enhances the confidence of investors and crypto service providers to operate under strict laws.

The Coinbase attorney, Paul Grewal, submitted the case against the SEC action over Kraken for breaking federal securities laws. The chief legal officer stated the regulatory authorities fined Kraken, currently handling their case of mixing users’ funds, indicating the regulator’s willingly not providing transparent laws for cryptocurrency. The Company’s lawyer, Eugene Scalia, also criticised the SEC’s approach to handling virtual asset service providers and claims the recent action of the regulatory body against the Kraken shows that the SEC does not need a transparent set of rules, urging the court to notice the lack of commitment in the governing bodies.

The Coinbase attorney team stated in the court that only the US court could order the SEC to design a clear legal framework for the crypto industry instead of banning and enforcing strict regulations. Arguing the case from the court, SEC stated they have no valuable information about the process, but they promised to provide the following update on the process on December 15th. Eugene Scalia stated, “Only an order of the court will make the commission act on the matter.” Furthermore, Scalia criticised in a speech the SEC’s “hedge and delay” tactics over the agreement. One of the first exchanges to advocate for a precise set of regulations for the cryptocurrency sector was Coinbase. Following the Coinbase questions to the SEC emphasises various crypto platforms to enforce the SEC to create transparent rules and legal framework for virtual assets service providers.

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