Coinbase Engages Legal And Political Aids In Battling SEC
May 14 2023 - 4:30AM
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The largest crypto exchange in the US, Coinbase, has made a notable
move regarding the allegation from the US Securities and Exchange
Commission on securities law violation. Related Reading: PEPE
Attempts Market Rebound, Surges By 28% In 24 Hours Coinbase engaged
a Global Advisory Council for the battle with the SEC. The council
comprises heavy hitters from both the political and legal sectors.
Coinbase Gets Heavyweights In Its Council The Coinbase crypto
exchange announced the launch of a new Global Advisory Council,
with some former US lawmakers as members. According to the
announcement, the Council will offer insights and business
strategies for the exchange. The Advisory Council includes
political heavyweights like former Congressman Tim Ryan (D-OH) and
former Senator Patrick Toomey (R-PA). Also, the Council
includes former Congressman Sean Patrick Maloney (D-NY), John
Anzalone from Impact Research, and Chris Lehane from Haun Ventures.
The Council will work closely with Coinbase Asset Management
Academic and Regulatory Advisory Council members. Similarly, the
Coinbase body comprises prominent personalities such as former SEC
Chair Jay Clayton and former CIA General Counsel Courtney Elwood.
Related Reading: Lido (LDO) Surges 16% In Single Day, Maintains
Dominance In Liquid Staking Market Others are the senior managing
director at Compass Lexecon Jon Orszag and Kevin Hassett of the
Hoover Institution. Coinbase noted that creating the Advisory
Council is a step in the right direction for the company. It would
help the exchange to maintain a flawless operation process while
rebuilding its strategies in the US and globally. Coinbase is
currently in a legal face-off with the SEC. So, engaging a new
council is part of its preparatory strategies. Coinbase Prepares To
Fight With The SEC Notably, the US SEC has toughened its regulatory
stance in the crypto industry and is now closely watching most
crypto-related firms. In one of its enforcement actions, the SEC
issued a Wells Notice to Coinbase in March, warning the company of
a possible lawsuit over alleged breaches of securities.
Reacting to the notice, Coinbase CEO Brian Armstrong noted that the
regulator is focusing its accusations on staking and asset listing.
He recalled that the SEC had reviewed the exchange’s operations and
approved its license in the past. Armstrong stated that they
requested a reasonable explanation from the SEC. According to the
CEO, the firm intended to use the reply for rulemaking to maintain
the right regulatory requirements for crypto assets. However, the
SEC gave no response to the exchange’s request. Further, Paul
Grewal, the Chief Legal Officer of Coinbase, expressed
disappointment over the SEC’s preference for lawsuits to
constructive dialoguing. He noted that despite all their
efforts to work with the SEC, the regulator gave them no feedback.
Grewal stated that Coinbase would defend the rule of law if the SEC
initiated a legal battle. -Featured image: Pexels, Chart:
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