SEC sues both Binance and Coinbase

Community
#1

Binance brought civil cases against these two companies, that have for months said they’ve been trying to work with the SEC:

Binance said it was “disheartened”:

“Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry,” the company said in a statement.

Coinbase’s chief legal officer Paul Grewal said

“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, which was founded in, and operated out of, the US has run a regulated exchange but its staking operation came under scrutiny. Back in April, Coinbase filed a suit against the SEC to respond to their July 2022 petition on whether existing securities rule-making processes could be extended to the crypto industry.

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#2

It looks like there’s a lot of gray areas here as we look at the situations the exchanges are having to deal with these days. Of course if we are going to use Regulation as a process we definitely need more compliance and responsibility on the SEC’s side of the table. We have to have some speedy response system that holds everyone accountable to the process…not just the exchanges.