According to BlockBeats, on August 12, Paul Grewal, Chief Legal Officer of Coinbase, posted on social media that “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.” In short, the SEC’s proposal lacks key analysis, is based on unreasonable assumptions, fails to prove that there are any issues that require regulation, and greatly exaggerates the benefits claimed by the proposal. At the very least, the proposal should be withdrawn and revised.
The SEC failed to gather basic information and did not conduct any economic analysis of how the proposal would affect DEXs. Yet it persisted with its unreasonable assumptions.
The SEC should reject the extension of this proposed rule to DEXs. Otherwise, it could have serious implications for the millions of Americans engaging in digital assets. Not to mention the harm it could bring to innovation in the growing DEX market.
Moreover, the SEC assumes that the industry has some problem that needs to be corrected, but fails to prove that the problem exists. This is not the way to make rules. At the very least, the proposal should be withdrawn and corrected.
As always, Coinbase appreciates the SEC’s careful consideration of our comments and looks forward to further exploring this important topic.”
