In the ongoing legal dispute between Coinbase Global Inc. and the US Securities and Exchange Commission (SEC), XRP holder's lawyer John Deaton accused top SEC official Gary Gensler of " mislead" the public and did not agree with his position. about cryptocurrencies.
The development of Coinbase's regulatory filing came as the SEC rejected the request of the trading platform based on three reasons.
These reasons encompass the application of current securities laws to cryptocurrencies, the SEC's commitment to crypto securities markets through rulemaking, and the importance of preserving the Commission's discretion in setting its enforcement priorities. regulation.
Although these factors are evident, John Deaton emphasized In response to the SEC Chairman's letter stating that "there is NOTHING unique or new about cryptocurrencies," Coinbase's regulatory request is based on a belief in the distinctiveness of the crypto ecosystem in relation to volatility of assets and the categorization of all assets as securities under current laws.
According to Deaton, this stance is in direct opposition to the SEC Chairman's statements during his testimony before Congress earlier this year. Deaton recalled that during the hearing, Gary Gensler stated that cryptocurrencies are beyond the scope of the commission due to their unique nature, creating a regulatory gap.
Deaton stated that Coinbase's request was based on the SEC's perspective, as evidenced by previous communications. The lawyer for the
Related: SEC Officials Meet Again with One-Time Bitcoin ETF Contributors
The US SEC has been sending different signals about its position in the cryptocurrency ecosystem, whether through the words of the SEC chairman or the actions of the commission in general.
in the middle of continuous legal disputes with Coinbase and Binance on crypto securities, the regulatory body refused to appeal his loss against Grayscale Investments. The case involves the company's attempt to transform its Bitcoin Trust into a cash-operated exchange-traded fund (ETF).
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Last Word?
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