NewsletterBreaking: Coinbase Escalates Call for Crypto Regulation Amid SEC Delays
Coinbase, a major U.S. cryptocurrency exchange, has intensified its campaign for definitive crypto regulation. This move follows recent actions by the Securities and Exchange Commission (SEC) against fellow exchange Kraken.
On November 22, Coinbase’s legal team responded to an SEC letter from the previous day, highlighting the urgency for clear regulatory guidelines. This response was part of an ongoing effort initiated in July 2022 when Coinbase first petitioned the SEC for comprehensive rules on digitally native securities.
SEC’s Delay Tactics and Coinbase’s Reaction
The SEC’s recent promise to provide a status report on crypto rulemaking by December 15 has not satisfied Coinbase. The exchange’s representatives argue that the SEC’s history of postponement and vague responses necessitates a more decisive legal mandate. They assert that the SEC’s actions, including the enforcement against Kraken, demonstrate an avoidance of committing to concrete regulatory standards.
Kraken’s Case Underscores Regulatory Uncertainty
Coinbase’s argument gains traction from the SEC’s recent allegations against Kraken. Filed on November 20, these allegations accuse Kraken of customer funds’ commingling and failing to register as a securities exchange. This case, alongside the ongoing situation with Binance, spotlights the murky regulatory landscape in which crypto businesses operate. Coinbase uses these examples to emphasize the need for clear, consistent, and fair regulations.
Significantly, Coinbase’s legal push comes at a critical time when the SEC is reportedly close to deciding on a Bitcoin exchange-traded fund (ETF), which could significantly impact mainstream crypto adoption. Coinbase’s CEO, Brian Armstrong, has reiterated the importance of compliance and legal adherence, even at the expense of growth speed. This commitment to regulation, he argues, is essential for long-term success in the crypto industry.
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