As a long-term crypto investor, I find Paul Grewal’s recent statement as the CLO of Coinbase both thought-provoking and concerning. The SEC’s inconsistent approach towards regulating cryptocurrencies has left many investors, including myself, in a state of uncertainty. The lack of clear communication from the regulatory body is not only frustrating but also potentially harmful to the industry as a whole.
Paul Grewal, the Chief Legal Officer (CLO) of Coinbase Global Inc., urges other cryptocurrency platforms under scrutiny from the U.S. Securities and Exchange Commission (SEC) to oppose the regulator’s tough stance.
Coinbase CLO points out SEC’s gaslighting
Based on Paul Grewal’s statements, the Securities and Exchange Commission (SEC) remains vague about its enforcement strategies regarding securities tokens. It’s important to mention that Coinbase is currently embroiled in a significant legal dispute with the regulatory body over accusations of supporting securities tokens.
To reinforce his argument, Grewal named other companies that have received regulatory action from the regulator. He urged Binance, Ripple, Uniswap, Robinhood, and Kraken to clarify if they fully understood the reasons behind the regulatory warnings or charges imposed on them.
To Grewal, the SEC’s failure to provide a comprehensive justification for bringing charges against them in front of Judge Shelby and the US District Court comes across as manipulative gaslighting. He strongly opposes this approach.
It seems you are questioning the experience each of these entities, Robinhood App, Ripple, Uniswap, KrakenFX, and BinanceUS, had during their respective proceedings with Wells Fargo and the United States District Court. Instead of asking “Did you get a ‘thorough explanation’ in your Wells process?”, consider rephrasing it as “What was the nature of your interactions with Wells Fargo and the United States District Court during your proceedings?” or “Could you describe your experience in dealing with Wells Fargo and the United States District Court during your proceedings?” This approach maintains the original intent while using more natural and easy-to-read language.
— paulgrewal.eth (@iampaulgrewal) May 14, 2024
As a crypto investor, I’ve noticed the ongoing debate regarding the SEC’s classification of certain top altcoins as securities. While some argue for this designation, others dispute it. The judgment handed down by Judge Analisa Torres last year, which declared XRP to not be a security in itself, has provided much-needed clarity on this issue over the past 12 months.
Grasping at straws
In spite of the clear directive from the XRP ruling, the regulatory body persists in its efforts to find solutions against Ripple. These efforts are rooted in the portion of the ruling that criticized Ripple for selling XRP to institutional investors.
The SEC has disclosed that some of its targets, such as Robinhood, have reached out to engage in discussions about their compliance processes. However, the SEC’s unpredictable communication has created significant ambiguity, leaving open the possibility for lawsuits against crypto companies.
A significant development is underway, and it centers around the willingness of impacted businesses to present their case in a court of law.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD ZAR PREDICTION
- Top gainers and losers
- ENA PREDICTION. ENA cryptocurrency
- EUR USD PREDICTION
2024-05-14 13:30