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The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase shares fell around 2% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC's complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. "The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities," Failla wrote. In June, SEC Chair Gary Gensler said that trading platforms like Coinbase "call themselves exchanges" but were "commingling a number of functions."

Persons: Coinbase, Katherine Polk Failla, Failla, Paul Grewal, Grewal, Gary Gensler, Gensler Organizations: The Securities, Exchange Commission, Coinbase, SEC, New York Stock Exchange, CNBC Locations: Manhattan, U.S

☆ Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat
▼ + stars: | 2023-10-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the company's chief legal officer, Paul Grewal, told CNBC. The SEC was recently dealt a major court setback when a judge ruled that the regulator had no basis to deny digital asset management Grayscale's bid to turn its huge GBTC bitcoin fund into an ETF. The SEC last week declined to appeal that ruling by a key deadline, likely paving the way for a bitcoin-related ETF to be approved in the coming months. "I think that the the firms that have stepped forward with robust proposals to our for these products and services are among some of the biggest blue-chips in financial services," Grewal added. But, Grewal said, it's likely now that the regulator will approve a bitcoin ETF soon, highlighting the regulator's failure in court to block Grayscale from converting its GBTC bitcoin fund into an ETF.

Persons: Coinbase, Paul Grewal, Grewal, CNBC's Arjun Kharpal, it's Organizations: U.S . Securities, Exchange Commission, CNBC, SEC Locations: U.S

☆ Coinbase picks Ireland as main EU hub amid Europe expansion
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase picks Ireland as main EU hub amid Europe expansionPaul Grewal, Coinbase’s chief legal officer, discusses why the company is ramping up presence in Ireland amid a key piece of European crypto regulation.

Persons: Coinbase, Paul Grewal Organizations: EU Locations: Ireland

☆ Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive
▼ + stars: | 2023-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

If and when it is approved, Coinbase will have a universal "MiCA license" in Ireland, which it can then use to "passport" its services into Germany, France, Italy, the Netherlands and other EU countries. The rules will allow crypto companies to use one license in one country to operate across all 27 EU member states. Currently, Coinbase has an electronic money institution license and virtual asset service provider registration in Ireland; a crypto license in Germany; and national registrations in other EU member states including Italy, the Netherlands and Spain. Paul Grewal, Coinbase's chief legal officer, said that progress has been "slower" than he'd like when it comes to achieving crypto regulation in the U.S. "We're now seeing in court cases real questions being asked about the U.S. approach to crypto regulation and in particular securities regulation," he said.

Persons: Coinbase, Nana Murugesan, we've, Murugesan, Paul Grewal, isn't, Grewal, CNBC's Arjun Kharpal — Organizations: Getty, European Union, CNBC, Central Bank of Ireland, EU, U.S . Securities, Exchange Commission, SEC Locations: Crypto, Dublin, Ireland, Germany, France, Italy, Netherlands, Spain, U.S, San Francisco, United States, Central, Northern, Western Europe, North America, Europe, headcount

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. THE TAKETuesday's filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory. THE CONTEXTThe SEC sued Coinbase in June, accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Thus, the Motion hinges on whether Coinbase intermediated transactions involving investment contracts, and thus securities.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Hannah Lang, Chris Prentice, Jonathan Stempel, Cynthia Osterman, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Coinbase, Ripple Labs, Terraform Labs, Terraform, Thomson Locations: Manhattan, Washington, New York

☆ Analysis-Grayscale victory big boost for decade-long spot bitcoin ETF push
▼ + stars: | 2023-08-30 | by ( Hannah Lang | Chris Prentice | ) www.reuters.com time to read: +5 min

FILE PHOTO: Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world’s largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin’s underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock, Fidelity and WisdomTree.

Persons: Dado Ruvic, Grayscale’s, It’s, ”, Christopher LaVigne, Withers, “, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, ” Coinbase, Withers ’ LaVigne Organizations: WASHINGTON, REUTERS, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, BlackRock, Supreme Locations: Washington, New York, WilmerHale, BlackRock

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world's largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin's underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock (BLK.N), Fidelity and WisdomTree (WT.N).

Persons: Dado Ruvic, Grayscale's, It's, Christopher LaVigne, Withers, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, Coinbase, LaVigne, Carolina Mandl, Tom Wilson, Michelle Price, Jonathan Oatis Organizations: REUTERS, Rights, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, CME, BlackRock, Supreme, Thomson Locations: Washington, New York, WilmerHale, London

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoNEW YORK, Aug 4 (Reuters) - Coinbase Global (COIN.O) on Friday asked a judge to end the U.S. Securities and Exchange Commission's lawsuit accusing the world's largest publicly traded cryptocurrency exchange of violating federal securities laws. Coinbase was sued by the SEC in June, and accused of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Firms are closely watching the litigation between the SEC and Coinbase, with some onlookers deeming it an "existential" clash. Coinbase leaned on the recent Ripple matter in Friday's filing, noting the SEC's lawsuit hinges on the type of transactions that the judge deemed outside of the regulator's jurisdiction.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Chris Prentice, Toby Chopra, Jonathan Oatis Organizations: REUTERS, U.S . Securities, Exchange, SEC, Labs, Thomson Locations: Manhattan

☆ 'I think we will win': Coinbase more confident in case with SEC after Ripple decision
▼ + stars: | 2023-07-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'I think we will win': Coinbase more confident in case with SEC after Ripple decisionPaul Grewal, chief legal officer at Coinbase, discusses what Ripple's partial victory in the case with the U.S. Securities and Exchange Commission means for his cryptocurrency exchange and its legal battle with regulators.

Persons: Paul Grewal Organizations: SEC, U.S . Securities, Exchange Commission

☆ 'I think we will win': Coinbase buoyed in case against SEC after landmark Ripple XRP decision
▼ + stars: | 2023-07-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On Thursday, a U.S. judge ruled that XRP token purchases via exchanges were not securities transactions. The SEC sued Ripple, the company behind the XRP token, in 2020, alleging that the company broke securities laws. But the latest XRP court opinion has given confidence to Coinbase in its case against the SEC. We think this decision has only further strengthened the case," he added. But if you literally replaced the letters XRP with the letters for any other token, in this decision, the logic still holds," Grewal said.

Persons: Ripple, Paul Grewal, XRP, That's, Grewal Organizations: U.S . Securities, Exchange Commission, CNBC, SEC Locations: U.S

CompaniesLaw Firms Ripple Labs Inc FollowCoinbase Global Inc FollowJuly 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. An SEC spokesperson said the agency was pleased with part of the ruling in which the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors. XRP sales on cryptocurrency platforms by Garlinghouse and co-founder and former CEO Chris Larsen, and other distributions including compensation to employees also did not involve securities, Torres ruled. PARTIAL WIN FOR THE SECThe SEC won a partial victory as Torres found the company's $728.9 million of XRP sales to hedge funds and other sophisticated buyers amounted to unregistered sales of securities. Both the Ripple and Coinbase cases focus on registration requirements and whether certain digital assets are securities under U.S. law.

Persons: XRP, Analisa Torres, Brad Garlinghouse, We’ve, Torres, Paul Grewal, Chris Larsen, Garlinghouse, Larsen, Gary DeWaal, Rosenman, Tom Emmer, Jody Godoy, Chris Prentice, Tom Hals, Chizu Nomiyama, Conor Humphries, Leslie Adler, David Gregorio Our Organizations: Labs, Ripple Labs, U.S, District, U.S . Securities, Exchange Commission, SEC, Twitter, Supreme, WIN FOR, Republican, Thomson Locations: U.S, XRP, Katten, New York, Wilmington , Delaware

The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012. Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. Bitcoin , the world's largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum , the world's second-largest cryptocurrency, rose 6.43% to $1,993.3. Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Coinbase, We've, Analisa, Torres, Paul Grewal, Chibuike Oguh, Michelle Price, Deepa Babington Organizations: YORK, Coinbase Global Inc, Ripple Labs, U.S . Securities, Exchange Commission, SEC, Labs, Inc, Marathon Digital Holdings Inc, Microstrategy Inc, Mining Corp, Twitter, Thomson Locations: U.S, Coinbase, New York

In each case, Coinbase filed briefs as an "amicus," or friend of the court. A ruling favoring another crypto defendant at the trial court level would not be binding on Coinbase's own case, but the company could potentially point to it in its defense, legal experts said. Coinbase argued the digital assets on its platform do not pass that test, in part because they lack contractual agreements. In its other amicus brief, Coinbase urged a federal judge in Manhattan to allow the fair notice defense in the SEC case against Ripple Labs, which was the industry's highest-profile battle with the regulator prior to the Coinbase case. Coinbase argued to U.S. District Judge Analisa Torres that denying the Ripple defendants the fair notice defense "would jeopardize the validity of the defense in future cases."

Persons: Coinbase, Gibson Dunn, Crutcher, Akiva Shapiro, Gary Gensler, Paul Grewal, Coinbase's, Cahill Gordon, Reindel, Tana Lin, Ishan Wahi, Wahi, Lin, Gensler, Analisa Torres, Torres, XRP, Jody Godoy, Tom Hals, Deepa Babington Organizations: U.S . Securities, Exchange Commission, U.S, Supreme, SEC, Reuters, FAIR, U.S . Constitution, Ripple Labs, San, District, Thomson Locations: U.S, Coinbase, Manhattan, Solana, Cardano, Seattle, U.S ., San Francisco, New York, Wilmington , Delaware

☆ Coinbase is the latest target of the SEC’s crypto crackdown—how U.S. investors may be affected
▼ + stars: | 2023-06-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +6 min

On June 13, the U.S. Securities and Exchange Commission sued Coinbase, the second-largest crypto exchange by volume, according to CoinMarketCap.com. The federal regulator alleges Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker, per the June 13 press release. The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. Trading crypto on an exchange versus peer-to-peer

Persons: Coinbase, Coinbase's, Brian Armstrong, Paul Grewal, we'll, Binance, Changpeng Zhao, Zhao, Gary Gensler, Chen Arad, they've, Arad, Omid, Malekan, wasn't, Bitcoin, There's, bitcoin Organizations: The U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter, Solidus Labs, NBC, Columbia Business School, Architecting, Money, U.S, Commodity, Futures, Metrics Locations: Paris, France, The, Solana, U.S, Arad

REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) Chief Executive Brian Armstrong on Wednesday hit back at the U.S Securities and Exchange Commission (SEC) Chair over the agency's lawsuit against the crypto exchange, calling him an "outlier," while also reassuring customers that their funds were safe. Crypto companies, including Coinbase, dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules. SETTLEMENT BREAKDOWNLast July, Coinbase disclosed an SEC probe into its asset listing processes, staking programs and yield-generating products. Grewal said despite the lawsuit, Coinbase would still be interested in a dialogue with the SEC about how to bring cryptocurrency into the regulatory perimeter. "If there were an opportunity for a real conversation, of course we would take it up, but I want to be very clear: Coinbase is absolutely committed to defending itself in court," he said.

Persons: Brian Armstrong, David Swanson, Coinbase, Armstrong, Gary Gensler, Gensler, ” Armstrong, Binance, hasn’t, haven’t, Paul Grewal, Grewal, Hannah Lang, Manya Saini, Niket, Chris Prentice, Shounak Dasgupta, Michelle Price Organizations: Milken, Global Conference, REUTERS, U.S Securities and Exchange Commission, SEC, Bloomberg, Monday, CNBC, Reuters, U.S ., Appeals, Circuit, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Washington, Bengaluru

[1/2] Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) executives on Wednesday defended the company against a lawsuit brought by the U.S. securities regulator, saying the cryptocurrency sector lacks a clear set of guidelines. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse. Coinbase also sought to distance itself from rival exchange Binance, which was also served with an SEC lawsuit on Monday. The SEC alleged Binance, the world's largest cryptocurrency exchange and its founder Changpeng Zhao, also sold cryptocurrency products without registering them as securities.

Persons: Brian Armstrong, David Swanson, Coinbase, Binance, Changpeng Zhao, Zhao, Paul Grewal, Grewal, Hannah Lang, Manya, Shounak Dasgupta Organizations: Milken, Global Conference, REUTERS, Wednesday, U.S, Securities, Exchange Commission, SEC, CNBC, U.S ., Appeals, Circuit, Reuters, Manya Saini, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Cayman Islands, Washington, Bengaluru

The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O'Brien, Ford O'Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Ed Moya, bitcoin, Oanda's Moya, Dado Ruvic, Gary Gensler, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Kevin Buckland, Leslie Adler, Christopher Cushing Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global Inc, Exchange, REUTERS, Securities, Supreme, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Binance's U.S, Thomson Locations: Manhattan, Solana, Cardano, bitcoin, Binance, Binance.US, Binance's, Cayman Islands, New York, Washington, Tokyo

☆ Crypto Crackdown: Coinbase and Binance Lawsuits Shake Markets
▼ + stars: | 2023-06-07 | by ( Ephrat Livni | ) www.nytimes.com time to read: +2 min

said Coinbase made billions of dollars facilitating the sale of crypto assets as an unregistered exchange and deprived investors of significant protections. Coinbase and the S.E.C. Last year, Coinbase petitioned the S.E.C. Binance is accused of funneling billions of dollars of customer money to a company owned separately by Mr. Zhao. In addition to those charges Binance, like Coinbase, is accused of operating an unregulated exchange and issuing crypto currencies that the agency said should have been registered as securities.

Persons: Coinbase, Paul Grewal, Mr, Grewal, Binance, Zhao Locations: U.S

The U.S. Securities and Exchange Commission on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. More recently, it has taken aim at unregistered crypto broker dealer, exchange trading and clearing activity. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O’Brien, Ford O’Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Gary Gensler, Dado Ruvic, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Lisa Shumaker, Leslie Adler Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global, Securities, Supreme, Exchange, REUTERS, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Thomson Locations: Manhattan, Solana, Cardano, U.S, Binance, New York, Washington

The lawsuit is the SEC's second in two days against a major crypto exchange, following its case against Binance, the world's largest cryptocurrency exchange, and founder Changpeng Zhao. Crypto companies including Coinbase have said SEC rules are unclear, and the regulator is overreaching by asserting oversight of their industry. Coinbase customers pulled more than $57 million from the exchange within a couple of hours of the filing, according to data firm Nansen. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Changpeng Zhao, Gary Gensler's, Gensler, Paul Grewal, Coinbase's, Nansen, Dado Ruvic, Gurbir Grewal, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Manya, Jason Neely, Louise Heavens, Chizu Nomiyama, Nick Zieminski Organizations: YORK, U.S . Securities, Exchange Commission, SEC, CNBC, Global Inc, Reuters Graphics, REUTERS, Coinbase, New, Blockchain Association, Court, Southern District of, Manya Saini, Thomson Locations: U.S, California, Manhattan, Solana, Cardano, New Jersey, Southern District, Southern District of New York, New York, Washington ,, Bengaluru

The U.S. Securities and Exchange Commission sued Coinbase, accusing it of illegally operating without registration with the regulator. That happened a day after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao. Coinbase shares were down 13.4% at $50.81 after earlier hitting their lowest level since January. Also, after falling earlier, Bitcoin , the world's biggest cryptocurrency, was up 1.4%. Coinbase had disclosed in March that it received a "Wells notice" from the SEC threatening a potential lawsuit over certain products.

Persons: Coinbase, Changpeng Zhao, Matt Stucky, Shannon Stapleton, Binance's cryptocurrency, Paul Grewal, we'll, Grewal, Manya Saini, Shristi, Sinéad Carew, Paul Simao Organizations: Coinbase, U.S . Securities, Exchange Commission, SEC, Binance, Global, Northwestern Mutual Wealth Management Company, Coinbase Global Inc, Nasdaq, Times, REUTERS, Mining, Marathon, Thomson Locations: Manhattan, New York, U.S, Bengaluru

☆ SEC sues Coinbase over exchange and staking programs, stock drops 13%
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Coinbase stock had already fallen 9% on Monday, after the SEC unveiled charges against rival crypto exchange Binance and its founder Changpeng Zhao. Coinbase's flagship prime brokerage, exchange and staking programs violate securities laws, the regulator alleged in its complaint. The SEC has alleged that at least 13 crypto assets available to Coinbase customers were considered "crypto asset securities" by the regulator. Coinbase's institutional service, Prime, its retail exchange product, and its self-custody Wallet service all offered one or more crypto asset security, the SEC said in its complaint. Coinbase's staking program was also identified as a investment contract and as an unregistered security: The SEC had already taken similar action to force the closure of crypto exchange Kraken's staking service.

Persons: Changpeng Zhao, Gary Gensler, Gensler, Coinbase, Paul Grewal, we'll, Coinbase's Organizations: Securities, Exchange Commission, SEC, CNBC, New York Stock Exchange, Labs, Coinbase, Regulators Locations: New York

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard announces new blockchain standards, and Coinbase responds to the SEC: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Raj Dhamodharan of Mastercard and Paul Grewal of Coinbase

☆ Coinbase sues SEC after months of silence from federal regulator
▼ + stars: | 2023-04-24 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Crypto exchange Coinbase filed suit against the Securities and Exchange Commission on Monday, asking that the regulator be forced to publicly share its answer to a months-old petition on whether it would allow the crypto industry to be regulated using existing SEC frameworks. The SEC did not offer a specific public response to Coinbase's petition, but in recent months has aggressively ramped up enforcement actions and warnings against crypto exchanges, including Coinbase. "From the SEC's public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision," Coinbase chief legal officer Paul Grewal said in a blog post. "Yet Coinbase and other crypto companies are facing potential regulatory enforcement actions from the SEC, even though we have not been told how the SEC believes the law applies to our business."

Discussions between the SEC and Coinbase broke down in recent weeks, with one source saying the two sides had moved "further apart." The crypto industry believes it operates in a regulatory gray area not governed by existing U.S. securities laws - and that new legislation is needed to regulate the industry. "But if necessary, we welcome the opportunity for Coinbase and the broader crypto community to get clarity in court." Prior to Gensler's arrival, the SEC engaged in targeted enforcement, but the Democratic chair has ratcheted up focus on crypto platforms themselves. "There couldn't be a more significant development for crypto markets and crypto investors," said Philip Moustakis, former SEC enforcement lawyer and partner with Seward and Kissel LLP in New York.

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