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Highlights
- Coinbase's Chief Legal Officer, Paul Grewal, supports SEC Commissioner Hester M. Peirce's critique of the SEC's engagement and rulemaking approach.
- Peirce expressed concern over the decline in direct interaction between the SEC and the public at the “SEC Speaks” event.
- Coinbase has historically advocated for clearer regulatory guidelines for digital assets, aligning with Peirce's remarks for better SEC engagement.
Coinbase’s Chief Legal Officer (CLO), Paul Grewal, recently agreed with SEC Commissioner Hester M. Peirce. Peirce, often referred to as “Crypto Mom,” criticized the Securities and Exchange Commission’s (SEC) current approach to rulemaking and public engagement during the “SEC Speaks” event. Grewal highlighted the importance of Peirce’s observations, noting the decreasing opportunities for productive dialogue with the SEC.
The annual event called “SEC Speaks” is an arena for the SEC to convey its regulatory priorities and guidance. This year, greater emphasis is laid on improving disclosure requirements. Nonetheless, Peirce noted a substantial decrease in direct interaction between the SEC, its commissioners, and the public. She put the necessary effort into improving the communication on the commission, rather than with the staff or market participants.
Peirce Highlights SEC’s Engagement and Rulemaking Flaws
Commissioner Hester M. Peirce discussed the potential concerns over the SEC engagement strategies during her speech at the “SEC Speaks” event. She condemned the vagueness of rule proposals and the limited interactions in implementation debates. Peirce’s comments highlighted a developing gap between the SEC and the communities it oversees, emphasizing the importance of more substantial dialogues.
For a long time, Coinbase has been a proponent of more defined regulatory guidelines with respect to digital assets. The company’s backing of Peirce’s remarks is another manifestation of its continued battle for legal certainty. The focus of the company on improving participation and setting up clear rules reflects the entire industry’s wish for a friendly and cohesive regulatory regime.
Court Dismisses Unregistered Broker Claim Against Coinbase
The Coinbase cryptocurrency exchange had petitioned for clear rules on digital assets in the past, which the SEC rejected last December. Coinbase is now requesting that the federal circuit court overturn the SEC‘s earlier denial of its petition and require the SEC to begin new crypto rulemaking or at least clearly explain its stance. This legal effort follows a year of contention between Coinbase and regulatory authorities over the need for explicit guidelines governing the cryptocurrency space.
In a notable legal development, U.S. District Judge Katherine Polk Failla allowed the SEC’s lawsuit against Coinbase to move forward. However, the judge dismissed the claim that Coinbase operated as an unregistered broker through its Wallet program.
Read Also: Coinbase To Integrate Bitcoin Lightning Network Via Lightspark
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