Crypto

The SEC says it can’t yet respond to Coinbase’s request for cryptocurrency clarification

Some crypto insiders believe the securities watchdog is only stalling and doesn’t have an answer

Despite recently going on the attack against cryptocurrency companies, the Securities and Exchange Commission (SEC) apparently doesn’t have a solid reason why. Coinbase had requested more guidance and clarity on the principles of the SEC’s new asset class laws via a petition in July 2022. However, a filing by the securities regulator said that it would require a minimum of four months to respond to the request amid calls for clarity on regulations. It seems that nothing will be happening anytime soon.

The SEC had long overlooked the Coinbase request and instead opted for enforcement measures until recently. In light of this, Coinbase Chief Legal Officer Paul Grewal gave an update on June 14 on the SEC’s response to the company’s continuous demands for regulatory transparency. He asserted, “[The SEC ignores] the clear statements of the Chair that confirm they have no intent to issue new rules, and instead conflate the evidence of a decision those statements provide with an argument that the statements are themselves a decision.”

According to a statement filed by the company, the SEC has been targeting the crypto industry this year while not taking any steps toward new cryptocurrency laws. The agency has been facing harsh criticism for its aggressive stance towards digital asset companies as a result.

The regulator might be reorganized soon as new legislation was put forward by lawmakers in the House of Representatives on June 12, with the aim of removing Gary Gensler from his SEC chairman position. The initiative was led by House Majority Whip Tom Emmer and Senator Warren Davidson, who voiced concerns for capital markets to be safeguarded from “a tyrannical chairman.”

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