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Coinbase

Coinbase Gains Strong Support From Paradigm And Industry Leaders In SEC Battle

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The cryptocurrency industry is pushing the US Securities and Exchange Commission (SEC) to establish clear rules and regulations for the crypto market.

Major players, including Paradigm, the Crypto Council for Innovation, and the US Chamber of Commerce, have argued with the district court to support Coinbase’s appeal to the SEC to provide specific guidelines for the crypto industry. 

Crypto Industry Challenges SEC’s Regulatory Approach

In a court filing submitted on Monday, Paradigm expressed interest in the case, highlighting the SEC’s continued refusal to issue final rules and guidance regarding cryptocurrencies, tokens, and related trading platforms. 

Paradigms’ legal team explained that despite bringing enforcement actions in the crypto space, the SEC has not adequately explained the legal basis for its authority, creating uncertainty for entrepreneurs and hindering the availability of judicial review. 

The Crypto Council for Innovation and other industry stakeholders argue that the SEC’s current approach contributes to the ambiguity surrounding cryptocurrencies and hinders the industry’s progress. In addition, the Crypto Council asserts that the SEC’s current regulatory framework, designed for traditional securities, does not address the unique characteristics of crypto assets. 

Related Reading: This Signal Points To End Of Bull Phase For Bitcoin, Quant Says

Unlike securities, crypto-assets do not rely on a centralized issuer and operate within decentralized networks and communities. As a result, the SEC’s focus on requiring disclosures from centralized issuers does not provide digital asset holders with the material information they need. 

The filing reads that the current framework also imposes unnecessary intermediaries that hinder the disintermediated nature of crypto trading platforms. 

Paradigm also points out that several crypto projects have attempted to comply with SEC registration requirements but have faced significant challenges. The SEC initially recommended using Form 10 for registration but later abandoned this approach, leading to the failure or stagnation of projects that followed it. 

Other projects explored using the “Reg A” registration exemption, but according to the Crypto Council, this also proved “unworkable” when applied to crypto assets. Furthermore, the firm claims the existing regulatory framework, designed for traditional securities, does not address the unique characteristics and requirements of the crypto industry.

Coinbase Urges SEC For Clear Guidelines

Coinbase petitioned the SEC to create clear guidelines regarding when crypto assets should be classified as securities. Coinbase argued that the industry, valued at over $2 trillion, needs regulatory oversight and that companies are eager to comply with a well-defined framework. 

The court filing further states that regulatory compliance requires predictability, and Coinbase’s petition seeks to establish a stable balance between regulation and innovation. 

Paradigm concluded its arguments by stating that the SEC’s current approach of regulation-by-enforcement, where attempts at compliance are met with punishment, does not provide the stability necessary for the industry to thrive. The filing concludes by asserting:

The Court should vacate the agency’s denial of Coinbase’s rulemaking petition and remand with instructions for the SEC to engage in rulemaking.

Related Reading: Mega Bank Says Ethereum Price Could Reach $14,000, Here’s Why

Ultimately, the crypto industry, represented by Paradigm, the Crypto Council for Innovation, and other stakeholders, is calling on the SEC to initiate rulemaking for the crypto sector. 

The demand for clear guidelines stems from the SEC’s persistent refusal to provide comprehensive rules and guidance, hindering the growth and development of the industry. 

Coinbase
The 1-D chart shows COIN stock’s valuation at $228. Source: COIN on TradingView.com

Coinbase’s stock, traded under the COIN ticker, is currently valued at $228, reflecting a decline of more than 4% in the last 24 hours. This decline closely mirrors the price movement of Bitcoin (BTC), which has experienced a 5% drop, bringing its price to $64,200 at the time of writing.

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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