Coinbase Urges SEC for Swift Action on Crypto Regulation

Coinbase Calls for Crypto Regulation as SEC Delays Decision

Coinbase, the crypto exchange giant, pushes for crypto regulation as SEC decision languishes.

🔒 Coinbase Global Inc (NASDAQ: COIN) is once again banging on the door of the US Securities and Exchange Commission (SEC), pleading for clear regulatory frameworks for the crypto industry. In response to a recent letter from the SEC, Coinbase has filed a compelling argument in the US Court of Appeals for the Third Circuit, asking the regulator to expedite the process like a high-speed Bitcoin transaction.

💼 Led by the brilliant legal mind of Coinbase’s Chief Legal Officer, Paul Grewal, the exchange’s legal team highlighted the SEC’s recent enforcement action against Kraken, another crypto exchange, to expose the regulator’s reluctance in establishing regulatory clarity. They accused the SEC of playing hide-and-seek with regulations, accusing Kraken of commingling customer funds and failing to register appropriately. It seems the SEC needs a crash course on how to properly embrace cryptocurrencies and set clear rules.

⚖️ Eugene Scalia, the lawyer representing Coinbase, did not mince his words as he criticized the SEC’s lack of commitment. He argued that the recent enforcement action against Kraken is just another indication that the SEC would rather drag their feet than take decisive action. Scalia confidently called on the court to reject this empty gesture and bring forth the clarity the industry desperately needs.

💪 Coinbase’s legal team did not stop there. In a letter filed at the US Court of Appeals for the Third Circuit, they made it clear that only the court possesses the power to force the SEC’s hand in establishing a clear regulatory framework. They accused the SEC of preferring to control the industry through enforcement rather than providing the guidance needed for growth and innovation. It’s like the SEC is stuck in the Stone Age while the crypto industry is zooming towards the future on a rocket-powered DeFi spaceship!

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📜 Eugene Scalia, in a display of legal bravado, declared, “Only an order by this Court will make the Commission act.” He stressed that the SEC’s promise of a status report by mid-December is nothing more than another attempt to hedge and delay. Coinbase’s legal team firmly asserted that only a court mandate can push the SEC to promptly address their petition and provide the regulatory clarity the industry eagerly craves.

Coinbase’s Push for Regulatory Clarity: A Game-Changer for Crypto

🎮 Coinbase entered the battle for a clear rulebook for the crypto industry back in July 2022. They bravely approached the SEC and demanded, “Propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.” It’s like Coinbase is leading the charge of the crypto knights, waving their digital swords in support of a fair and transparent market.

🔨 This move by Coinbase came after the SEC’s enforcement actions against several crypto companies, including Binance, Gemini, Kraken, and even Coinbase itself. The SEC accused them of operating as unregistered securities exchanges, raining on their crypto parade. But Coinbase decided to fight back, demanding clarity from the SEC like an explorer seeking the North Star in a foggy sea of regulations.

🗓️ After months of anticipation and delays, the SEC finally responded to Coinbase’s petition in June, claiming they needed a whopping four months to review and respond to the request for rulemaking. But now, the Commission has postponed its decision until December 15, leaving Coinbase in suspense like a crypto enthusiast waiting for that next Bitcoin bull run.

💼 Amidst all this drama, rumors are swirling that the SEC may be nearing a decision on approving a Bitcoin spot exchange-traded fund (ETF) in the United States. If true, this decision has the potential to rocket-propel mainstream crypto adoption globally. It’s like the SEC is about to unleash the Kraken of institutional interest in Bitcoin!

So, will the SEC finally step up to the plate and provide the clarity the crypto industry needs? Or will they continue dancing to their own regulatory tune? Strap in, fellow crypto enthusiasts, and let’s witness this battle of wills unfold! 🍿

What are your thoughts on the SEC’s regulatory reluctance? And how important is a clear regulatory framework for the crypto industry? Let us know in the comments below! 👇

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