Sign Up on MEXC
Highlights
- Coinbase has put forward a proposal for digital securities regulation by the US SEC.
- The blueprint is hinged on four major elements designed to offer regulatory clarity.
- The SEC's Crypto Task Force is set to host its first roundtable with key stakeholders.
As parties sheath their swords after a protracted legal saga, Coinbase has presented a blueprint to the US SEC for digital asset regulation. The proposal involves suggestions to the SEC for regulating digital securities ahead of its Crypto Task Force roundtables.
A Four-Point Blueprint For Digital Asset Regulation
Coinbase Chief Legal Officer Paul Grewal revealed on X (formerly Twitter) that the US-based exchange has put forward a blueprint for digital securities regulation. According to Grewal, Coinbase’s proposal is a response to a raft of questions presented by SEC Commission Hester Pierce on the best way to regulate digital securities.
While the law is crystal clear on traditional securities, digital securities are a gray area for the Commission given the novelty of the concept. To address Pierce’s questions, Coinbase presented a detailed blueprint to assist the securities watchdog.
The first step in Coinbase’s proposal is for the SEC to create a “clear taxonomy” for the distinction between cryptocurrency commodities and securities. Secondly, the SEC is encouraged to declare that secondary market sales of commodities are not securities transactions. As the regulatory haze clears, the SEC has dismissed its Ripple lawsuit, shuttering similar actions against Coinbase and Kraken.
Thirdly, rather than creating rules on the go, Coinbase wants the SEC to seek Congressional opinion in areas of ambiguity. Lastly, the blueprint urges the SEC to make rules that recognize the potential of Web 3 and tokenized securities.
“If we get this right, we will finally see a real tokenized securities market led by the US,” said Grewal.
A Rising Trend Of Collaborating With The SEC
The US SEC is changing stances toward the cryptocurrency industry following the departure of Gary Gensler. A newly minted Crypto Task Force led by Pierce is inching toward a series of roundtables to define security status.
Several key ecosystem players have indicated a desire to collaborate with the SEC in its “Spring Sprint Toward Crypto Clarity.” While Coinbase is collaborating with the SEC, it has filed a FOIA request against the Commission, seeking clarity for its enforcement actions.
“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” said Coinbase.
Outside of its row with US regulators, Coinbase has re-entered India to offer retail trading services. The largest cryptocurrency exchange in the US is expanding to new frontiers to keep pace with its peers.
- Coinbase Urges Court to Sanction SEC Over Missing Gensler Texts
- Breaking: $9T BlackRock Plans To Tokenize ETFs Following Bitcoin ETF Success
- Bitcoin’s Bull Cycle May Peak This Month, Peter Brandt Says
- Ethereum Whales Buy $204M ETH Amid Rebound Above $4,400
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
