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Paul Grewal, Chief Legal Officer (CLO) of Coinbase Global Inc., has called on other crypto platforms on the U.S. SEC’s radar to reject the commission’s crack-down approach.
Coinbase CLO points out SEC’s gaslighting
According to Paul Grewal, the Securities and Exchange Commission refuses to provide clarity on its crackdown tactics. It is worth noting that Coinbase has a major legal brawl with the market regulator over the alleged support for securities tokens.
Alex DovbnyaTo drive home his point, Grewal tagged other firms the regulator has sued or issued a Wells Notice to. He called on Binance, Ripple, Uniswap, Robinhood and Kraken to ask whether or not they got full clarity on the key reasons behind the Wells Notice or charges levied against them.
To Grewal, that the SEC brings up charges without a "thorough explanation" is straight-up gaslighting before Judge Shelby and the United States District Court. He believes this is wrong and should not stand.
There are different claims against the SEC’s stance that some of the top altcoins on the market are securities. The ruling from Judge Analisa Torres that XRP in itself is not a security forms the most defined clarity over the past year.
Grasping at straws
Despite the clarity the XRP ruling provided, the regulator is still grasping at straws and is vehemently pursuing remedies from Ripple. This remedy stems from the part of the ruling that faults 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 its process. In all, the SEC’s inconsistent feedback has left a major gray area that it is hanging on to sue crypto players.
There is a major trend now, however, and it hinges on the readiness of these affected firms to fight their case in court.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov