Congressional Oversight Fails Coinbase’s Legal Struggle with the SEC Raises Alarming Questions

  • Coinbase and others must fight in court for clarity on SEC’s regulatory actions.

  • Congressional inaction fuels secrecy, alienating stakeholders in the crypto industry.

  • FOIA requests highlight the SEC’s lack of transparency and accountability to the public.

Private litigants, such as Coinbase, find themselves in the unusual position of having to go to court to get clarity on the U.S. Securities and Exchange Commission’s (SEC) actions and decisions. According to MetaLawMan, a crypto lawyer, this struggle shows a major gap in regulatory oversight.

Despite the considerable funds allocated to Congress for oversight, the absence of proactive measures to address the SEC’s conduct is striking. This situation raises serious questions about the effectiveness of regulatory bodies and their accountability to the public.

It still amazes me that private litigants like @Coinbase have to go to court to get answers about the SEC's conduct.

This is what we pay Congress to do, but they are MIA on real SEC oversight.@JohnEDeaton1 in the U.S. Senate solves this. https://t.co/2oD1buEOgy

— MetaLawMan (@MetaLawMan) October 15, 2024

Congressional Inaction and Its Implications

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