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War against crypto SEC

War On Bitcoin And Crypto: Here’s How The Industry Will Win

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

If the US Securities and Exchange Commission’s (SEC) Wells Notice against Coinbase makes anything clear, it’s that the agency is at war with the crypto industry. Coinbase is the poster child for the American crypto industry and has always been committed to regulatory compliance and license registration – otherwise, the exchange wouldn’t have been able to get its IPO approved either.

Nevertheless, the SEC decided to send a Wells Notice to Coinbase focusing on staking and asset listings. A Wells Notice typically precedes an enforcement action, as CEO Brian Armston said.

In fact, as Coinbase CLO Paul Grewal wrote via Twitter, the exchange has met with the SEC more than 30 times in the last nine months to find a way to register – without hearing back. When Coinbase applied to go public in 2021, the SEC granted approval. “Now they have changed their mind on what is allowed,” Grewal said.

A War On Crypto And How The Industry Will Win

In a blog post, Coinbase detailed what is most shocking about the Well Notice, “The SEC staff told us they have identified potential violations of securities law, but little more. We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so.”

The crypto community is outraged at how the SEC is refusing to do its job by not creating clear rules while regulating with enforcement actions. Therefore, it seems clear: the war can only be won in court.

Related Reading: SEC Accuses Crypto Giant Justin Sun And Lindsay Lohan Of Securities Law Violation

Fortunately, Coinbase is more than eager to fight. “So what happens next? We avail ourselves of the court system to finally start to get some clarity for the crypto industry in the U.S. Ironically, establishing some case law may be our best shot at getting the regulatory clarity that the industry deserves,” Grewal explained.

Jake Chervinsky, chief policy officer at Blockchain Association, expressed his dismay over the Wells Notice to Coinbase after the company spent “an extraordinary amount” of time and resources working in good faith to obtain regulatory clarity from the SEC. Still, Chervinsky is hopeful:

Thankfully, Coinbase is ready to fight and in a strong position to do so successfully as a matter of law. Remember, the SEC doesn’t make the law. It only makes allegations, which ultimately must be tested in the courts. Often, as here, the SEC is wrong.

Other well-known crypto industry bigwigs have a similar view. Scott Melker, The Wolf Of All Streets, claims via Twitter that Coinbase will bury the SEC in court as they have the war chest and facts on their side. Melker writes:

The judicial system has been dunking on the SEC in every available situation. Let’s go. […] This will catalyze the industry in the US in a way that the SEC is wildly unprepared for. Gary is toast.

Caitlin Long, founder and CEO of crypto-friendly Custodia Bank, adds:

IT SHOULD BE CRYSTAL CLEAR BY NOW that the Biden Administration wants all crypto (even the legit parts of it)–run out of the U.S. […] The SEC’s remit is investor protection. How did it protect investors to let a company IPO if it was violating securities laws?

Related Reading: US Government Attacks Bitcoin In New Report While Promoting A CBDC

XRP community advocate Jeremy Hogan also notes that the SEC is no longer an independent agency that makes rules based on the law, but is a “political enforcement arm of the government and its views,” adding “Only the Courts can save us now.”

Author Andrew Samuel expressed his optimism as well:

Reminder: a couple weeks ago the SEC got picked apart by Grayscale attorneys and an appellate panel in the DC Circuit. You can bet that Coinbase is set to do the same in the coming months/years. Those two firms, whatever you think of them, are now the torchbearers of stopping the death of crypto in the US.

At press time, Bitcoin traded at $27,630, digesting yesterday’s news.

Bitcoin BTC crypto price
BTC price digesting FOMC and the Coinbase news, 1-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView
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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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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