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Crypto Victory: SEC Agrees To Drop Enforcement Case Against Coinbase – Details
In a significant development, the Securities and Exchange Commission (SEC) has agreed to drop its enforcement case against Coinbase Global Inc., one of the largest cryptocurrency exchanges in the US. The decision comes just days after Coinbase Chief Legal Officer (CLO), Paul Grewal, urged the US Congress to act on crypto regulations.
According to an SEC filing, the agency requested an additional 28 days to review Coinbase’s petition to appeal and has since suggested that the recently formed Crypto Task Force may potentially end the extended legal battle. This move is seen as a victory for Coinbase, the company’s customers, and individual freedom advocates worldwide.
The recent development highlights a shift in the regulatory approach under new acting chair of the SEC, and it may signal a more collaborative environment between crypto companies and regulators.
Coinbase CLO Paul Grewal emphasized that this decision is not only a win for his company but also crucial for the overall crypto industry. He stressed that the enforcement case had no legal merit and was driven by political leadership changes at the SEC.
Grewal’s statement highlighted Coinbase’s commitment to developing the cryptocurrency sector while working closely with regulators. The CLO noted that the company is eager to collaborate with the SEC staff to “implement real change” and continue fostering a healthy crypto environment in the US.
The recent call for crypto legislation by Coinbase highlights growing concerns about rogue regulators weaponizing regulatory ambiguity to stifle innovation. This move underscores the need for clear regulations, enabling the development of the crypto industry while ensuring consumer protection.
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Source: bitcoinist.com
