Coinbase CLO Accuses SEC of Stonewalling in Ongoing Legal Battle

Coinfomania · 2024-07-01T10:03:05.000Z

In the ongoing legal conflict between Coinbase and the United States Securities and Exchange Commission (SEC), Coinbase’s Chief Legal Officer (CLO), Paul Grewal, has accused the SEC of persistent stonewalling. This accusation comes as the San Francisco-based crypto exchange contests what it perceives as the SEC’s unclear regulations and overreach in the burgeoning crypto sector. Paul Grewal has taken to the X platform (formerly known as Twitter) to voice concerns over the SEC’s approach. Grewal asserts that the SEC has adopted an aggressive enforcement strategy without providing a practical framework for compliance. He alleges that the regulatory body has refused to supply clear guidelines, hindering Coinbase’s ability to operate within the legal boundaries. Chevron: gone. Secondary sales in the Binance case: gone (more to say about that…). And now, late on a Friday, more stonewalling from @SECGov to stop Coinbase from obtaining documents from Gary Gensler in our litigation. — paulgrewal.eth (@iampaulgrewal) June 29, 2024 Grewal emphasized the importance of obtaining documents from SEC Chairman Gary Gensler, which could be crucial for Coinbase’s defense. “And now, late on a Friday, more stonewalling from SECGov to stop Coinbase from obtaining documents from Gary Gensler in our litigation,” he stated. Moreover, these documents pertain to communications that could demonstrate inconsistencies in the SEC’s stance on digital assets. Gensler’s Statements Under Scrutiny The CLO pointed to statements made by Gary Gensler, particularly those made after he assumed the role of SEC Chairman in May 2021. Gensler’s comments before Congress suggested that the SEC lacked regulatory authority over transactions involving digital assets traded on exchanges, reinforcing market participants’ belief that such transactions were exempt from securities rules. Grewal also highlighted Gensler’s statements to market participants and the general public contradicting the SEC’s current enforcement actions. Coinbase argues that these interactions are pertinent in illustrating how the SEC’s actions may violate the Constitution’s due process clause. Despite repeated requests, the SEC has reportedly withheld these communications, leading to accusations of non-cooperation. Broader Frustration in the Crypto Sector The allegations from Coinbase’s CLO reflect broader dissatisfaction within the crypto community regarding what is perceived as hostile and unpredictable regulatory practices. The dispute between the SEC and Coinbase has been marked by months of court battles, with Coinbase striving to engage with the SEC to seek regulatory clarity. Recently, Coinbase escalated its efforts by suing the SEC, demanding access to documents that could support its ongoing litigation. Despite these efforts, the SEC has yet to respond to Coinbase’s motion. The core of the dispute centers on the SEC’s claims that Coinbase has been operating as an unregistered securities exchange and offering unlicensed securities to investors. Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry. @SECGov has claimed sweeping authority, but refuses to provide any rules, let alone consistent or coherent ones. While @FDICgov pressured financial institutions to cut… — paulgrewal.eth (@iampaulgrewal) June 27, 2024 This legal battle is pivotal in the ongoing debate over regulating cryptocurrencies and digital assets in the United States. The outcome of this conflict may set important precedents for how cryptocurrencies are regulated moving forward. Coinbase and the SEC remain entrenched in their positions as the dispute continues, each seeking a resolution that aligns with their interpretations of the law. The post Coinbase CLO Accuses SEC of Stonewalling in Ongoing Legal Battle appeared first on Coinfomania.

在 Coinbase 与美国证券交易委员会（SEC）持续的法律纠纷中，Coinbase 首席法律官（CLO）Paul Grewal 指责 SEC 持续阻挠。
这一指控是在这家总部位于旧金山的加密货币交易所提出异议之际，它认为美国证券交易委员会 (SEC) 对蓬勃发展的加密货币领域的监管不明确，且越权。
Paul Grewal 在 X 平台（原 Twitter）上表达了对 SEC 做法的担忧。Grewal 声称 SEC 采取了激进的执法策略，但没有提供切实可行的合规框架。他声称监管机构拒绝提供明确的指导方针，阻碍了 Coinbase 在法律范围内运营的能力。
雪佛龙：已消失。币安案中的二级销售：已消失（关于这一点还有更多要说的……）。现在，周五晚些时候，@SECGov 再次阻挠 Coinbase 获取 Gary Gensler 在我们的诉讼中的文件。
— paulgrewal.eth (@iampaulgrewal) 2024 年 6 月 29 日
Grewal 强调从美国证券交易委员会主席 Gary Gensler 那里获取文件的重要性，这对 Coinbase 的辩护至关重要。
“现在，周五晚些时候，SECGov 进一步阻挠 Coinbase 从 Gary Gensler 那里获取诉讼文件，”他表示。
此外，这些文件涉及的通讯可能表明美国证券交易委员会在数字资产问题上的立场存在不一致。
Gensler 的言论受到质疑
首席调查官指出了加里·根斯勒（Gary Gensler）的言论，特别是在 2021 年 5 月担任 SEC 主席之后的言论。根斯勒在国会发表的言论表明，SEC 对交易所交易的数字资产交易缺乏监管权，这强化了市场参与者对此类交易不受证券规则约束的信念。
Grewal 还强调了 Gensler 向市场参与者和公众发表的声明与 SEC 目前的执法行动相矛盾。Coinbase 辩称，这些互动对于说明 SEC 的行动可能违反宪法的正当程序条款至关重要。据报道，尽管一再要求，SEC 仍拒绝提供这些通讯，导致其被指控不合作。
加密货币行业普遍存在的挫败感
Coinbase 首席法律顾问的指控反映了加密货币社区对被视为敌意和不可预测的监管做法的普遍不满。SEC 和 Coinbase 之间的纠纷已持续数月，Coinbase 努力与 SEC 合作，寻求监管明确性。
最近，Coinbase 加大了行动力度，起诉了美国证券交易委员会 (SEC)，要求获取可以支持其正在进行的诉讼的文件。尽管做出了这些努力，SEC 仍未对 Coinbase 的动议作出回应。争议的核心在于 SEC 声称 Coinbase 一直作为未注册的证券交易所运营，并向投资者提供未经许可的证券。
金融监管机构动用了多种手段试图削弱数字资产行业。@SECGov 宣称拥有广泛的权力，但却拒绝提供任何规则，更不用说一致或连贯的规则了。而 @FDICgov 则向金融机构施压，要求其削减……
— paulgrewal.eth (@iampaulgrewal) 2024 年 6 月 27 日
这场法律纠纷是美国加密货币和数字资产监管持续争论的关键。这场冲突的结果可能为未来加密货币的监管方式树立重要先例。随着争议的继续，Coinbase 和 SEC 仍坚持自己的立场，各自寻求符合其法律解释的解决方案。
Coinbase CLO 指责 SEC 在持续的法律纠纷中阻挠进程一文最先出现在 Coinfomania 上。

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