Coinbase General Counsel Paul Grewal is showing confidence even as he is currently too busy dealing with SEC charges. He bluntly stated in a Bloomberg TV interview on Thursday that it was very unreasonable for the SEC to review a considerable amount of information and documents before finally approving Coinbase’s listing, and then two years later accuse Coinbase of running a business that did not comply with regulations. . In addition, Grewal also talked about whether Coinbase will go to Hong Kong and the recent hot topic of Bitcoin spot ETF.
Paul Grewal said on Twitter earlier on the 29th that Coinbase had submitted a response and notice of intention to the court to file a motion to dismiss the SEC’s earlier lawsuit against Coinbase. “We welcome any discussions with the SEC, including the U.S. Securities and Exchange Commission, at any time "We believe that new legislation and rulemaking is the right way forward," but he emphasized that "the claims in this case go far beyond the scope of current law and should be rejected."
The Bloomberg TV host asked Grewal that Coinbase has publicly stated that its business model has not changed substantially since its IPO, and that it has maintained operations in a manner permitted by the SEC. However, Coinbase has indeed listed a lot of products since its listing. Tokens and traded, how can it be said that nothing has really changed? Grewal explained that Coinbase uses a strict review process when evaluating any token or any crypto asset for listing on the platform, which is why more than 90 percent of crypto assets are rejected for listing. “We are very confident that our The process is rigorous, takes into account all of our legal obligations, and we are confident that it is exactly the same process that the SEC used to review Coinbase's listing."
The regulatory resistance in the United States has obviously expanded. Is it necessary to find other "outlets"?
In view of the increasing intensity of US regulatory agencies, the entire industry is facing a lot of regulatory resistance. The market has raised many questions about whether Coinbase plans to expand overseas, even via Hong Kong.
When Grewal was asked about the earlier invitation by legislators to Coinbase to apply for a license in Hong Kong, Grewal did not give a clear reply, but pointed out that Coinbase operates a global business and about 20% of its revenue comes from overseas markets. "In other jurisdictions, It's not only part of our history to do business in other regions and find other ways to expand, but it's also our mission as a company that promotes cryptocurrencies. We consider the regulatory environment in each country, and there are already many exciting places around the world. Places such as the United Kingdom, Hong Kong, India, Singapore, and the list will continue to grow. They are already adopting (cryptocurrencies) and formulating reasonable regulations on cryptocurrencies to achieve a balance that not only protects investors but also promotes and protects innovative development. ” Grewal lamented, “But unfortunately, the rest of the world is moving forward rapidly. The United States? It seems to be going backwards.”
Bullish on Bitcoin Spot ETF: Americans Want It!
With many large financial institutions submitting applications, one of the hot topics recently is the "Bitcoin Spot ETF", and Coinbase is also involved. In BlackRock applications, pricing is done using Coinbase Custody and spot market data from the Coinbase exchange. Grewal bluntly stated that he is very confident that the Bitcoin spot ETF can be approved, and said that Americans want safe and regulated encryption products, including Bitcoin spot ETFs.
The U.S. Securities and Exchange Commission has not approved a Bitcoin spot ETF, citing concerns about market manipulation and fraud. "We believe the market is responding to the American public's desire to include safe and regulated products into their financial services portfolio," Grewal said. "If the U.S. government wants to block (not pass approval), they are actually In hindering the American people, the Americans have said they want it!"
Hong Kong financial industry insiders comment: The development of cryptocurrency trading is outdated
Although Grewal singled out Hong Kong's current regulatory environment as being very friendly to the development of cryptocurrency, what do people in Hong Kong's financial industry think?
Citing a report from the Economic News Agency on the 29th, Tan Xinqiang, CEO of Central Asset Investment, bluntly stated in an exclusive interview with the Economic News Agency that the Hong Kong government’s push to develop a cryptocurrency trading center is “somewhat outdated.” He pointed out that the current focus of the market is on AI, and the United States has gone the opposite direction and tightened regulations on cryptocurrency, and does not want it to challenge the hegemony of the US dollar, which may make the space for the legal and reasonable use of cryptocurrency smaller and smaller. He asked, Bitcoin and others have been around for many years, but their use is complicated. What practical use does it have in the real world?
As for Singapore's desire to establish a digital asset ecosystem, Tan Xinqiang said that Singapore not only wants to develop digital assets, "Would they be happier if you brought 100 million bitcoins or 100 million U.S. dollars? They must like U.S. dollars more than bitcoins." He believes , Cryptocurrency is just the icing on the cake for Singapore and we don’t really care about it. Cryptocurrency is not core to Hong Kong and cannot change its future prospects. Tam Xinqiang said that Hong Kong is China's most important window to the outside world and is currently focusing on attracting international and mainland professionals. The most important thing is to maintain information freedom. If Hong Kong's information freedom is significantly reduced, its attractiveness to international talents and mainland Chinese talents will be greatly reduced. "If the last window begins to close, the consequences will be serious."
This article praises the United Kingdom, Hong Kong, India, and Singapore. Coinbase’s Chief Legal Officer: But unfortunately the United States is going backwards. First appeared on Blockchain.
