Coinbase Files New Document Claiming SEC’s Actions Aimed At Crushing Crypto | Bitcoinist.com



In
a
recent
filing,
US-based
cryptocurrency
exchange
Coinbase
has
made
sharp
accusations
against
the
US
Securities
and
Exchange
Commission
(SEC)
and
its
chairman,
Gary
Gensler,
claiming
their
actions
aim
to
stifle
the
cryptocurrency
sector. 


The
filing
comes
amid
an
ongoing


legal
battle


between
Coinbase
and
the
SEC,
which
alleges
that
the
exchange
engaged
in
unregistered
sales
of
what
the
regulator
calls
“securities.”

How To Get Free Crypto  


Coinbase
Challenges
SEC’s
‘Inconsistent
Legal
Claims’ 


Coinbase’s
Friday


filing


highlights
the
SEC’s
increasing
enforcement
actions
in
recent
months,
suggesting
a
deliberate
effort
to
undermine
the
digital
asset
industry. 


The
exchange
accuses
the
SEC
of
advancing
“inconsistent
and
unsupportable”
legal
claims
and
of
perpetuating
an
oppressive
campaign
against
the
industry.
Coinbase
contends
that
the
SEC
denies
its
duty
to
make


compliance


with
its
rules
feasible,
treating
regulations
as
“weapons”
to
dismantle
disfavored
industries
rather
than
enabling
compliance
with
federal
law.


Coinbase
rebuffs
the
SEC’s
arguments,
asserting
that
rulemaking
is
required
under
settled
law.
The
exchange
accuses
the
SEC
of
attempting
to
effect
a
major
policy
change
by
asserting
“unlawful”
jurisdiction
over
the
digital
asset
industry
through
punitive
enforcement
actions. 

Coinbase Banner  


The
exchange
further
contends
that
the
SEC’s
assurance
to


digital
asset


firms
to
“come
in
and
register”
was
a
sham,
as
the
agency’s
recent
brief
indicates
a
shift
in
its
stance
on
digital
assets.


Ripple
Effects
Across
Cryptocurrency
Exchanges


The
legal
case
between
Coinbase
and
the
SEC
has
gained
significant
attention.
The
regulator
initially
filed
a
suit
in
June,
alleging
that
Coinbase
acted
as
an
“unregistered
broker
and
exchange.” 


US
District
Judge
Katherine
Polk
Failla


ruled


in
favor
of
the
SEC
in
March,
stating
that
the
transactions
in
question
fell
within
the
framework
used
by
courts
to
identify
securities. 


This
ruling
has
implications
for
Coinbase
and
other
major
cryptocurrency
exchanges
like
Binance.
The
SEC
has
filed
a
notice
of
Failla’s
decision
in
its
ongoing
lawsuit
against
Binance,
accusing
it
of
unregistered
offers
and
sales
of
crypto
asset
securities.

FreeBitcoin Banner  


Overall,
the
clash
between
Coinbase
and
the
SEC
underscores
the
broader
regulatory
challenges
the
cryptocurrency
industry
faces. 


The
lack
of


clear
guidelines


and
rulemaking
has
created
uncertainty
and
hindered
the
industry’s
growth.
Industry
participants
argue
that
a
court
order
directing
the
SEC
to
commence
rulemaking
is
necessary
to
bring
clarity
and
stability
to
the
digital
asset
sector.


As
the
legal
battle
continues,
the
outcome
will
most
likely
have
far-reaching
implications
for
Coinbase
and
the
broader
cryptocurrency
industry.
It
will
shape
the
regulatory
landscape
and
determine
the
sector’s
future
trajectory
in
the
US.

The
daily
chart
shows
the
total
crypto
market
cap’s
valuation
at
$2.4
trillion.
Source:

TOTAL
on
TradingView.com


Featured
image
from
Shutterstock,
chart
from
TradingView.com 

Go to Source
Author: Ronaldo Marquez


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