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SEC sues Coinbase, continues major crackdown on cryptocurrency exchanges
Posted on 6/6/23 at 8:32 pm
Posted on 6/6/23 at 8:32 pm
quote:
Just one day after suing Binance, the US Securities and Exchange Commission (SEC) has now sued Coinbase, the largest cryptocurrency exchange operating in the US.
The SEC alleged that Coinbase has violated laws since "at least 2019" by failing to register both its cryptocurrency trading platform and its crypto asset-staking program. Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, said in a press release that Coinbase chose not to register, making "calculated decisions" that "may have allowed it to earn billions" while knowingly depriving Coinbase investors of SEC protections.
"You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” Grewal said. "As alleged in our complaint, Coinbase was fully aware of the applicability of the federal securities laws to its business activities, but deliberately refused to follow them."
Coinbase chief legal officer and general counsel Paul Grewal provided Ars with a statement echoing Coinbase's long-held stance that the SEC's crackdown on crypto exchanges is an overstep. Coinbase maintains that Congress needs to pass clear laws regarding digital assets before enforcement is appropriate.
“The SEC's reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance," Coinbase's Grewal said. "The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation. In the meantime, we’ll continue to operate our business as usual.”
LINK
It's kinda interesting that both lawyers in the opposite side of this case are of Indian Punjabi origin and have the same last name: 'Grewal'.
Posted on 6/6/23 at 8:34 pm to rickgrimes
B12 has broader appeal with realignment
Posted on 6/6/23 at 8:40 pm to rickgrimes
Getting rid of the competition to make way for the USDC
Posted on 6/6/23 at 9:40 pm to rickgrimes
quote:
the consequences for the investing public are far too great,
The consequences of government intrusion in this is even greater.
Posted on 6/6/23 at 9:46 pm to rickgrimes
Man these calls on the Paul Finebaum show are going to be great
Posted on 6/6/23 at 9:57 pm to rickgrimes
quote:
while knowingly depriving Coinbase investors of SEC protections.
Lol ok
Posted on 6/6/23 at 10:49 pm to thejuiceisloose
quote:
Man these calls on the Paul Finebaum show are going to be great
He'll make sense of it all.
Posted on 6/6/23 at 11:29 pm to rickgrimes
SEC is a frickin joke. Surprised they took time off from porn hub to do that.
Posted on 6/6/23 at 11:37 pm to rickgrimes
The SEC, Another org that needs to die.
Posted on 6/7/23 at 1:03 am to rickgrimes
Did the SEC ever go after wall street for locking people out of buying Gamestop?
Posted on 6/7/23 at 1:25 am to BeepNode
Ftx is just an afterthought
Posted on 6/7/23 at 1:53 am to Masterag
quote:
The SEC, Another org that needs to die.
The SEC has frustrated me at times over the years but it's one federal agency that does a pretty damn good job overall.
The reporting requirements in the US are by far the best in the world, nobody else really comes close, and the filing system is easy to navigate.
Posted on 6/7/23 at 2:59 am to BeepNode
quote:
Did the SEC ever go after wall street for locking people out of buying Gamestop?
Those orgs only go after small fish, or firms who are willing to throw a broker away. The corruption is deep.
Posted on 6/7/23 at 4:45 am to Diseasefreeforall
quote:
SEC has frustrated me at times over the years but it's one federal agency that does a pretty damn good job overall.
Totally corrupt org that is asleep at the wheel..you're an idiot of the highest order
Posted on 6/7/23 at 4:53 am to rickgrimes
When they go after that Baton Rouge bunch with game coin
Posted on 6/7/23 at 5:22 am to rickgrimes
This is where the SEC having an unlimited war chest comes into play. Like the IRS, the SEC sueing people and getting sued is how the line is developed, but because they effectively have unlimited resources they can just sue whomever for whatever.
Posted on 6/7/23 at 5:56 am to brdrone
quote:
Totally corrupt org that is asleep at the wheel..you're an idiot of the highest order
Try dealing with comparable regulatory agencies all over the world and get back to me. The US has the greatest public market on the planet in part because of the SEC's comprehensive regulatory requirements.
But, like I said, I get frustrated with them. They went nanny state a few years ago removing pink noncompliant companies from trading through brokerages and essentially putting them exclusively in the hands of people with a Series 7 but overall they are the gold standard worldwide.
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