Breaking News: Coinbase CLO Mobilizes Allies to Defend Against SEC’s Tactics
Paul Grewal, Chief Legal Officer (CLO) of Coinbase Global Inc., has called upon other cryptocurrency platforms facing scrutiny from the U.S. Securities and Exchange Commission (SEC) to resist the commission’s aggressive approach. Grewal pointed out the SEC’s lack of transparency in its enforcement tactics. Coinbase is currently in a legal battle with the SEC over allegations of supporting securities tokens.
Read Also: The Ripple vs SEC Legal Battle: Exploring the Impact of the Redacted Remedies Reply
Coinbase CLO Point of View on Sec’s Gaslighting
Grewal cited other companies that the SEC has sued or issued Wells Notices to and urged Binance, Ripple, Uniswap, Robinhood, and Kraken to seek full clarity on the reasons behind the Wells Notice or charges filed against them. Grewal believes that the SEC’s practice of bringing charges without a “thorough explanation” is unjust before the court and amounts to gaslighting.
There are differing opinions regarding the SEC’s assertion that some prominent altcoins should be classified as securities. Judge Analisa Torres’ ruling that XRP itself is not a security provides clear guidance.
Continuity of Legal Action Against Ripple
Despite this ruling, the SEC continues to pursue legal action against Ripple, based on the part of the ruling that criticizes the company for selling XRP to institutional investors.
Read Also: Ripple vs. SEC Lawsuit: Sealed SEC Reply Brief Expected on May 8th
Some of the SEC’s targets, like Robinhood, have disclosed multiple attempts to engage with the SEC to discuss its processes. However, the SEC’s inconsistent feedback has created a significant gray area, which it is using to sue cryptocurrency players. Nonetheless, affected firms are increasingly preparing to contest their cases in court.
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