Paul Grewal, Chief Legal Officer (CLO) of Coinbase Global Inc., has call other crypto platforms on the US SEC’s radar to push back against the commission’s repressive approach.
Paul Grewal, Chief Legal Officer (CLO) of Coinbase Global Inc., has call other crypto platforms on the US SEC’s radar to push back against the commission’s repressive approach.
Coinbase CLO points out SEC gaslighting
According to Paul Grewal, the Securities and Exchange Commission refuses to clarify its repressive tactics. It is worth noting that Coinbase has a major legal dispute with the market regulator over alleged support for security tokens.
To make his point, Grewal tagged other companies that the regulator has sued or issued a Wells Notice. He asked Binance, Ripple, Uniswap, Robinhood and Kraken if they had complete clarity on the key reasons behind the Wells Notice or the charges levied against them.
For Grewal, the SEC bringing charges without a “thorough explanation” is straight up a travesty before Judge Shelby and the US District Court. He believes this is wrong and should not be maintained.
There are different claims against the SEC’s stance that some of the major altcoins on the market are securities. Judge Analisa Torres’ ruling that XRP itself is not a security constitutes the clearest clarity over the past year.
Clinging to straws
Despite the clarity that the XRP ruling provided, the regulator is still grasping at straws and is vehemently seeking solutions from Ripple. This remedy arises from the part of the ruling that blames the company for selling XRP to institutional investors.
Some of the SEC’s targets, including Robinhood, have revealed several attempts to connect with the SEC to discuss their process. Overall, the SEC’s inconsistent comments have left a significant gray area in which to sue crypto players.
However, there is now an important trend that depends on the willingness of these affected companies to defend their case in court.
