SEC unsurprisingly rejects Coinbase charges

About three weeks ago, Coinbase filed a complaint against the US regulator, seeking to impose new rules for crypto assets. This Monday, the Securities Exchange Commission (SEC) responded at the hearing. The SEC clarified that it could not meet Coinbase’s demands and asked the court to dismiss them.

SEC responds to Coinbase’s claims

America’s major battle against cryptocurrency companies continues to make waves.

The recent complaint filed by Coinbase was indeed aimed at pushing the SEC to answer its petition to change the regulation of the crypto sector.

According to the document published on Monday, May 15, the SEC finally responded to the charges. The Securities and Exchange Commission stated in court that it cannot meet Coinbase’s demands because the crypto company is asking for complex and unrealistic reforms. In addition, the SEC has pointed out that it is not required to establish new rules for crypto companies.

In addition, the SEC noted that new regulations would take years to develop, thus justifying its request that the court deny the motions of Coinbase.

Coinbase counterattack

Coinbase does not intend to sit idly by. In a series of tweets, Paul Grewal, legal director of Coinbaseexpressed his opinion on the complaint.

According to Paul it is perhaps the first time that the securities regulator has stated its position on the need to create new rules for the cryptocurrency industry. However, he stressed that there is still much to be clarified.

Regulation of the cryptocurrency industry in the United States remains uncertain, sparking heated debate. Coinbase’s complaint was meant to make the SEC look at its rules again. However, that move appears to be in question.

Hopefully, a final decision will be made on this matter. After all, the U.S. needs a consistent and clear regulatory framework to maintain its position as a leader in technological innovation over the long term. If that happens, Coinbase will leave the country