A new development has surfaced amid the legal dispute between the United States Security and Exchange Commission and the crypto exchange Coinbase., Coinbase has accused the SEC and its chairman, Gary Gensler, of attempting to curb the cryptocurrency sector.
The letter highlighting the SEC’s recent surge in enforcement actions against various crypto entities noted,The filing coincides with an ongoing legal dispute wherein the SEC has accused Coinbase of conducting unregistered asset sales termed “securities” by the regulatory body.
Additionally, Coinbase argues that the SEC’s jurisdiction over the digital asset sector is unlawful and seeks to implement significant policy changes through punitive measures. On the flip side, many industry insiders have expressed concerns about Coinbase’s overwhelming control in the crypto custody sector.by creating a barrier to entry for competitors. He said,As stakeholders are divided on the thought of crypto regulation, one thing is certain: the cryptocurrency industry is hindered by uncertainty due to unclear guidelines and an absence of formal rules.
Hence, many voices within the industry are calling for a court mandate that would compel the SEC to embark on rulemaking. They argue that such action is imperative for bringing clarity and stability to the digital asset landscape.
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