Responding to the lawsuit filed by the SEC, Coinbase stated that this situation harmed American economic competition.
Tensions between SEC-Coinbase are increasing with each passing hour. Coinbase described the SEC’s lawsuit against the company as harming America’s ability to compete economically. “The SEC’s reliance on a sanction approach alone in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies with a commitment to compliance like Coinbase,” said Paul Grewal, Chief Legal Officer and General Counsel.
Coinbase-SEC Tension Fueled Controversy
Coinbase and the SEC side continue their bickering at full throttle. Making a statement during the day, Gary Gensler, chairman of the SEC, made ambitious statements on behalf of both Coinbase and the crypto industry. The event did not stop there, it instantly bounced to the side of Coinbase. Grewal, addressing the chaos in the last minutes, expressed his views as follows;
“The solution is legislation that allows for the transparent development and equitable application of fair rules for the road, not litigation. In the meantime, we will continue to run our business as usual.”
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