According to Foresight News, Paul Grewal, Chief Legal Officer of Coinbase, said in a post, "Today, Coinbase submitted another opinion brief to the U.S. Securities and Exchange Commission (SEC) regarding the agency's proposal to expand the definition of "trading platform." He said that the SEC's proposal lacked key analysis, was based on unreasonable assumptions, failed to prove that there were any issues that needed regulation, and greatly exaggerated the benefits claimed by the proposal. At the very least, the proposal should be withdrawn and revised.

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