Coinbase says “US SEC is serious about the destruction of digital assets”
Through a court filing, the Coinbase crypto exchange alleged that the American securities regulatory body is serious with its plan to destroy the crypto sector via enforcement actions.
Coinbase is a top-ranked crypto exchange which is known for its highly regulated crypto services. Despite being a highly compliance crypto firm, this exchange faced a lawsuit action by the United States Securities and Exchange Commission (SEC) in 2023 for unregistered securities offerings & running an unregistered national securities exchange.
On 31 May 2024, Through a filing with the U.S. Court of Appeals, Coinbase exchange stated that the SEC is serious about the destruction of digital assets…(…)… the absence of clear crypto rules..(…)…Giving the agency further opportunity to explain itself is both pointless and exquisitely undeserved.
Coinbase’s Chief Legal Officer noted that the SEC is focused on choking the crypto sector, regardless of whether the industry can comply with the rules.
Through the court filing, Coinbase executives are optimistic about the next steps by the Third Circuit in this matter.
It is worth noting that Coinbase requested the court to not only consider its statement in this matter but also to take into account the statements by some crypto-friendly SEC commissioners who also believe the SEC is hindering the crypto industry and welcoming the extinction of new technology.
SEC vs crypto crime
No doubt that the US SEC took several enforcement actions against the crypto bad actors in the past but notably over the last couple of years the American securities regulatory body showed blind enforcement actions against top regulated crypto companies e.g. Coinbase, Kraken, Bitterx, Robinhood, etc.
Just two days ago, the US SEC published a detailed guide for crypto investors to stay away from 5 to 6 types of common crypto scams, namely Social Media Trickery, AI Hype Scams, Impersonation Fraud, Pump-and-Dump Schemes, Advance Fee Fraud.
Read also: Bybit withdrawing the VASP licence from Hong Kong
