The U.S. Securities and Exchange Commission (SEC) has intensified its scrutiny of major cryptocurrency exchanges, particularly Coinbase and Ripple. Coinbase has petitioned the SEC to create new rules specifically tailored for crypto assets, citing difficulties in compliance with existing regulations. In response, the SEC has criticized Coinbase's questioning of the Howey Test and accused the exchange of attempting a 'power grab.' The SEC's recent memorandum argues that Judge Katherine Polk Failla's March order, which found that Coinbase offered securities, should stand. Additionally, the SEC has challenged Ripple's proposed operational changes in the XRP case, citing concerns over historical activities and potential future breaches. Coinbase's Chief Legal Officer, Paul Grewal, has criticized the SEC for not following its typical Wells Notice process in the case against Debt Box. Mark Cuban has also criticized the SEC, stating that the agency 'didn't learn shit' from the Mt. Gox incident and that they still believe 'the mere process of registration protects investors.'
UPDATE: COINBASE CHIEF LEGAL OFFICER PAUL GREWAL SLAMS THE US SEC FOR NOT FOLLOWING ITS TYPICAL WELLS NOTICE PROCESS IN CASE AGAINST DEBT BOX
Coinbase’s chief legal officer questions SEC’s Wells process in legal dispute https://t.co/AGxAgvDTor
Amplifying this for awareness. The SEC continues to push back against Coinbase and contradict themselves at almost every juncture. It’s important to support Coinbase, Uniswap, Kraken, whoever is bullied by the SEC as all of our interests are aligned. Encourage Robinhood and other… https://t.co/NlfHmELE2p
SEC Clings to Century-Old Rules in Response to Coinbase’s #Crypto Reform Calls https://t.co/P2pTSgmLd2
Gary Gensler's SEC just pushed back against Coinbase 👊 Everything you need to know 🧵 (1/7) https://t.co/HEly8WGA8a
“Having made the weather, Coinbase cannot now complain that it is raining." The SEC just argued in a new Memorandum of law in the Coinbase case that Judge Katherine Polk Failla's March order finding that the SEC adequately pled that Coinbase offered securities should stand. On… https://t.co/niOs3OiJnx
Will be interesting to see how this SEC vs. Coinbase lawsuit turns out https://t.co/hlTIJy9bhO
SEC Filing Hits Back at Coinbase 'Power Grab' Accusations ► https://t.co/ST3skMT3dr https://t.co/ST3skMT3dr
ICYMI: SEC intensifies scrutiny on Ripple's compliance in XRP case. The regulatory body challenges Ripple's proposed operational changes, citing concerns over historical activities and potential future breaches. Read more: ↓ https://t.co/OsjljaXRk7
BREAKING: @mcuban SAYS THAT "THE SEC DIDN'T LEARN SHIT. NOT A DAMN THING WHEN MT GOX HAPPENED. THEY ARE STILL SO STUPID THEY THINK THE MERE PROCESS OF REGISTRATION PROTECTS INVESTORS" https://t.co/xzYZiK6L17
SEC Slams Coinbase’s Questioning of the Howey Test The exchange petitioned the SEC to create new rules tailored specifically for “crypto assets,” citing difficulties in compliance and the need for a more comprehensive approach to regulation. https://t.co/4Pxe3HC7wP