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.
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