The Securities and Exchange Commission (SEC) said Thursday, February 27, that it had rejected its current civil actions against the cryptocurrency exchange counbase.
The SEC said in a press release that he had made this decision as part of his efforts to reform his regulatory approach to the cryptographic industry, which includes his training as a cryptographic working group which will help develop a regulatory framework for cryptographic assets.
“In recent years, the opinions of the crypto commission have been widely expressed through implementing measures without engaging the general public,” said the acting president of the SEC, Mark T. Uyeda, in the press release. “It is time for the Commission to rectify its approach and to develop a cryptographic policy in a more transparent way. The Crypto working group is designed to do exactly that. »»
Coinbase said in a Thursday article on X: “It’s official: the rejected case. Time for fair legislation for the entire industry. »»
The Chief Legal Director of Coinbase, Paul republished the company’s post, commenting: “Goodbye. And a good storage room.
In another article on X, Grewal said: “We thank the new leadership and @secgov leadership. Common sense is not so common again. »»
Brian Armstrong, co-founder and CEO of Coinbase, Brian Armstrong, said that on February 21 said that the SEC staff could expect them to expect the commission to reject the trial.
Grewal wrote in a blog article on February 21: “We have always argued that we were right about the facts and the law, and the announcement today confirms that this case should never have been deposited in the first place.”
The Sec continued Coinbase in June 2023, alleging that the exchange of crypto had violated the laws on securities. He argued that Coinbase activities “intertwine the traditional services of an exchange, broker and compensation agency” without registering these functions with the SEC, as required.
Grewal declared in his blog article on February 21 that the SEC had examined the Coinbase business model and the disclosure of S1 and allowed the company to become public in April 2021, but then continued the company two years later, “despite the fact that nothing changes absolutely in our business model.”
The SEC said in its press release Thursday that its decision to remove the action against Coinbase did not reflect its position on another case and that its cyber unit and emerging investigation of fraud involving blockchain technology and cryptographic assets.
