Last Updated on June 7, 2023 by Bitfinsider
In congressional testimony, the top attorney for Coinbase criticised the Securities and Exchange Commission, as he testified before a House of Representatives committee currently drafting legislation to establish a new framework for digital asset markets in the United States.
“It’s disappointing, but not surprising, that the SEC has decided to bring legal action against Coinbase today, the day of our testimony before this committee’s critical hearing on creating a workable framework for digital asset regulation,” said Coinbase Chief Legal Officer Paul Grewal, hours after the SEC sued his company for alleged securities law violations. “Litigation is not the solution; rather, legislation that allows for the transparent development and uniform application of fair road rules is.”
Coinbase has been accused by the SEC of intentionally violating securities laws by listing unregistered securities and offering its staking programme.
The civil complaint includes a reference to the SEC’s 2017 report on the original Decentralised Autonomous Organisation, which warned that crypto tokens and other digital assets could meet the definition of securities under U.S. law and would likely be subject to the same registration and disclosure requirements as stocks.
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