The United States Securities and Exchange Commission “is serious about the destruction of digital assets,” according to cryptocurrency exchange Coinbase.
The United States Securities and Exchange Commission will continue its regulation-by-enforcement approach to the cryptocurrency industry for as long as it can to satisfy its goal of “choking” the industry, according to crypto exchange Coinbase.Although, the exchange argues that the agency doesn't seem willing to come to the table to establish clear and fair guidelines.
The exchange further told the court to not just take its word for it before reiterating the stance of other SEC Commissioners who also believe that the SEC is hindering the digital assets industry and welcoming the extinction of new technology.”Meanwhile, Coinbase also noted that the SEC has attempted to mitigate its heavy-handed approach to the crypto industry by claiming that its rules may only pose challenges for a small segment of the industry.
“The SEC tries to minimize its oppressive stance by asserting that only a “small set of market participants” “may” experience “compliance difficulties” under “discrete provisions” of existing rules,” it claimed.alleging that Coinbase has never registered as a broker, national securities exchange or clearing agency, evading the disclosure scheme for securities markets.
Coinbase has sought to have the case dismissed, yet the SEC has consistently opposed their attempts. Despite optimism from the crypto industry, and legal experts alike, that Coinbase would have the case dismissed, it wasn't successful.
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Source: Cointelegraph - 🏆 562. / 51 Read more »