Coinbase, a digital asset exchange company, has a top executive who claims that the US government is losing its global technology lead due to its inability to establish clear crypto guidelines.
Coinbase’s chief legal officer Paul Grewal says Other countries are making significant progress while US regulators are locked up in decades-long legal battles over cryptocurrency assets.
“While Americans continue to wait for sensible rules for crypto, other countries are not sitting around. We are wasting yet another technology lead by relying on threats, long-running court battles, and other tactics. Is that really what this country wants, once again?”
Grewal stated previously on the Unchained podcast, that if Coinbase can be targeted in the U.S. Securities and Exchange Commission(SEC), then other crypto companies can too.
“This is not just a fight for Coinbase, this is a fight for all crypto. Responsible actors who are serious about AML should be considered. [anti-money laundering] KYC [know your customer] programs, publicly listed, that are filing petitions for rulemaking and attempting to engage with the government can be treated in this fashion, nobody else is safe either.”
The SEC recently sent a Wells Notice to the US-based cryptocurrency exchange. The notice says the agency has made a “preliminary determination” to recommend the agency file an enforcement action against Coinbase for allegedly violating securities laws.
According to Grewal, the Wells Notice is a “massive overreach” on the part of the SEC.
Grewal also said Despite having met with them numerous times over the past nine month, the SEC has not provided any information relevant to Coinbase about compliance with regulations.
“Just to give you some sense of the conversations that predated the [Wells] notice, we have met with the SEC on at least 30 occasions over the last nine months to try to get to some common understanding of what registration could look like for a cryptocurrency exchange like Coinbase…
We have essentially hit a brick wall.”
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