SEC reacts to the request from Coinbase for crypto clarity and wants more time

SEC reacts to the request from Coinbase for crypto clarity and wants more time

On June 14th, Paul Grewal, Chief Legal Officer of Coinbase, updated the situation in relation to the reaction of the SEC to the repeated demands of the company for regulatory clarity.

The supervisory authority, which started a real attack on the industry this year, "repeated the fallacy that they had not yet made a decision on new crypta rules," he reported from the file.

a few minutes ago the SEC submitted its answer to the third circuit of last week. You can read it yourself with my own first reading. 1/5

- paulgrewal.eth (@iampaulgrewal) 13. June 2023

sec wants more time

In the submission it says that the regulatory authority wants to have at least four months to make a recommendation.

"The employees of the Commission assume that they can submit a recommendation to the Commission within the next 120 days regarding the regular settlement of Coinbase."

Coinbase sent a petition as early as July 2022 with the request for orientation and more clarity in regulating the new investment class. Until recently, this was ignored by the SEC, which continues to take through hard and carry out asset measures.

Grewal added that despite the express order of the court, the SEC had refused to commit to a deadline. It is even more important that he said:

"You ignore the clear statements of the chairman who confirm that you do not intend to issue new rules, and instead mix the evidence of a decision that these statements provide, with the argument that the statements themselves are a decision."

After their open attacks on the digital-asset industry, there were violent counter-reactions against Sec.

On June 12, the MPs in the House of Representatives submitted a new draft law that aimed to discontinue Gary Gensler as chairman of the SEC and to restructure the financial supervisory authority.

The step was led by Senator Warren Davidson and the majority leader of the House of Representatives, Tom Emmer. "The US capital markets must be protected from a tyrannical chairman, even from the current one," said Davidson.

cryptomarkt update

The cryptoma markets have not really reacted to news this week and are still in consolidation. The overall market capitalization rose by almost one percentage point to $ 1.1 trillion during the day.

The BTC prices exceeded the $ 26,000 mark during the Asian trading session on Wednesday morning, but continue to move within a range. There was no movement for the Ethereum prices and they are still $ 1,744 at the time of writing this article.

BNB is the only asset that recovered on this day with an increase of 7.6 %, since the court is urgently asked and the SEC urgently asked to reach an agreement and to avoid freezing the assets.

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