SEC tries to block Coinbase's application for clarification in court (report)

SEC tries to block Coinbase's application for clarification in court (report)

at the end of the last month, Coinbase-which was previously confronted with a Wells announcement, an informal warning of the SEC, followed by a lawsuit, was clearly explaining the courts to force the agency to adhere to what measures it should take to adhere to the regulations.

The second, on the other hand, remains silent.

mutual conversation is preferred

According to Brian Armstrong - the CEO of Coinbase - his company intends to combat the current regulatory trend through enforcement and to promote cooperation and friendly discussion about regulation.

"spent the day in DC and met me with members of the congress. In the United States, we need regulatory clarity for the centralized actors in the crypto area - consumer protection, national security, economic growth, etc. The SEC has added America with its policy of regulation unspeakable damage. We will fight for it."

The managing director continued that the company was ready to defend itself in court, but would rather not do so, and confirmed that he and his stock exchange were open to discussions in good faith with the supervisory authorities.

frame already established, says Gensler

Despite the willingness to negotiate Coinbase, Gary Gensler, head of the SEC, said, according to Bloomberg, in court that the existing regulation was already clear and that crypto exchanges simply refuse to take them into account.

Unfortunately for the stock exchange, the SEC decided to block the application in court on the grounds that it could take years for regulation to be carved into stone.

"The preference of Coinbase for faster or other regulatory measures by the Commission does not entitle to an extraordinary relief by this dish. The petition should be rejected."

Paul Grewal, Chief Legal Officer of Coinbase, confirmed the attitude of his company on Twitter that the SEC does not clarify the company it regulated.

Today the SEC answered a mandamus application on the request of Coinbase and asked the court to ask the SEC to answer only with "yes" or "no" to the question of whether it will be issued for our industry. The answer of the SEC? A clear maybe. 1/7

- paulgrewal.eth (@iampaulgrewal) 16. May 2023

The security supervisory authority has stated that Gensler's public statements are not to be understood as fundamental explanations - although it has granted that they may continue to use enforcement measures instead of a regulatory framework until the borders are smoothed.

In the meantime, Coinbase remains in his position and explains not to list any securities. According to a spokesman for the company, the stock exchange takes into account the SEC guidelines for securities when deciding which tokens are to be listed, which means that about 90 % of the applications are rejected.

.