Coinbase: SEC Wants to Destroy Crypto Industry
According to Coinbase, the US Securities and Exchange Commission should be compelled by the appeals court to begin drafting regulations for cryptocurrencies.
In their final argument for rulemaking, Coinbase stated that crypto firms are currently in a difficult position where they are expected to comply with regulations while simultaneously facing legal action from the SEC for not following nonexistent rules.
This, according to Coinbase, is an intentional effort to sabotage the industry. They also noted that the agency is attempting to make significant policy changes, despite claiming that their stance on digital assets has not changed.
However, Coinbase argued that the SEC’s evidence to support this claim is vague and does not address the practical application of securities laws to cryptocurrencies.
The SEC responded earlier this month, arguing that it is not obligated to create new rules and that existing regulations for digital assets are workable.
