CryptoLaw Founder Claps Back at SEC Chair Over Coinbase Rejection
CryptoLaw founder John E. Deaton is criticizing U.S. Securities and Exchange Commission (SEC) chair Gary Gensler for rejecting Coinbase’s proposal for new crypto-specific rules.
SEC Rejects Coinbase’s Petition for Rulemaking
The SEC has rejected Coinbase’s 30-page “petition for rulemaking,” with Gensler stating that the current securities framework adequately governs crypto asset securities.
Coinbase Files Court Challenge
In response to the SEC’s decision, Coinbase has filed a court challenge and sought a review from the U.S. Court of Appeals for the Third Circuit.
SEC Claims Existing Rulemaking and Enforcement Actions are Sufficient
The SEC argues that it is already addressing the crypto securities markets through rulemaking and enforcement actions.
Deaton Accuses Gensler of “Gaslighting”
Deaton accuses Gensler of “gaslighting the American people” in his comments on social media.
Deaton Highlights Alignment with Crypto’s Unique Nature
Deaton argues that the Coinbase petition aligns with Gensler’s previous acknowledgment of crypto’s unique nature and the existing regulatory gap.
Concerns Over Political Reversal and Weaponization of SEC
Deaton raises concerns about the political reversal within the SEC and claims that it is being weaponized instead of remaining independent.
Ongoing Conflict Between Cryptocurrency Firms and Regulators
The rejection of Coinbase’s petition highlights the ongoing conflict between cryptocurrency firms and regulators regarding specific regulations in the crypto space.
Deaton Criticizes Jamie Dimon and Elizabeth Warren
Deaton also criticizes JPMorgan Chase CEO Jamie Dimon and Massachusetts Sen. Elizabeth Warren for their anti-crypto stance.
SEC vs. Coinbase: Legal Challenge Initiated
Coinbase has officially initiated a legal challenge against the SEC’s rejection of its 2022 rulemaking petition.
Coinbase Argues SEC’s Denial is an “Abuse of Discretion”
In its petition for review, Coinbase argues that the SEC’s denial constitutes an “abuse of discretion and contrary to law.”
Coinbase Requests Regulatory Clarity
Earlier this year, Coinbase made two requests for regulatory clarity from the SEC, both of which were declined.
SEC Lawsuit Against Coinbase
The SEC has an ongoing lawsuit against Coinbase, alleging unregistered exchange operations and the offering of unregistered securities.
Gensler Supports Denial of Coinbase’s Petition
Gensler agrees with the decision to deny Coinbase’s rulemaking petition, stating that ongoing initiatives will inform potential alterations to the existing regulatory framework.
Hot Take: SEC’s Rejection of Coinbase’s Petition Raises Concerns
The SEC’s rejection of Coinbase’s petition for new crypto-specific rules has sparked controversy and legal action. While the SEC argues that existing regulations are sufficient, critics like John E. Deaton believe there is a regulatory gap in the crypto space. Deaton accuses SEC Chair Gary Gensler of “gaslighting” the public and highlights the need for clarity and fair regulation. Meanwhile, Coinbase has filed a court challenge against the SEC’s decision, arguing that it constitutes an abuse of discretion. The ongoing conflict between cryptocurrency firms and regulators underscores the importance of finding a balance between innovation and investor protection in the evolving crypto industry.
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