Coinbase CEO Brian Armstrong said last week that the exchange is ready for a lengthy legal battle with the Securities and Exchange Commission (SEC). Moreover, the company may even leave American jurisdiction if the authorities continue to tighten control over the digital currency market.
Last July, Coinbase published a petition calling for the SEC to clarify its stance on regulation. The press service of the trading platform emphasized that the commission must point out the standards that crypto companies will meet in order to legally operate in the United States.
However, the regulator did not respond to this petition in any way, and Coinbase lawyers filed a lawsuit demanding that the SEC answer questions of interest to the community.
One of the exchange’s attorneys, Paul Grewell, tweeted that SEC chief Gary Gensler ignored the document. That is, the Securities and Exchange Commission does not consider it necessary to indicate its position on regulation, which creates big problems for the industry.
The lawyer stressed:
The cryptocurrency market and its participants need clear criteria and rules that are suitable for an innovative industry. Enforcement policies based on securities laws do not apply to cryptocurrencies and do not answer the questions posed.