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.