Coinbase’s top lawyer said he’s ‘disappointed’ that the markets regulator took action against his company.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Coinbase’s top lawyer chided the Securities and Exchange Commission in congressional testimony, as he testified before a House of Representatives committee currently drafting legislation to create a new framework for digital asset markets in the U.S.
“It’s disappointing, but not surprising, that the SEC has decided to bring legal action against Coinbase today, the day of our testimony before this committee’s critical hearing on creating a workable framework for digital asset regulation,” said Coinbase Chief Legal Officer Paul Grewal, hours after the SEC sued his company over alleged securities law violations. “The solution is legislation that allows fair rules for the road be developed transparently and applied equally, not litigation.
But the SEC also argues that Coinbase used to hold the same position the agency does, even before that report was issued. The SEC also notes that Coinbase published its own document on securities law and cryptocurrencies in December 2016, indicating that for most tokens, parts of the Howey test, a legal precedent used in the U.S. to determine if an asset is a security investment, “are likely to be met."
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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