Coinbase legal chief Paul Grewal says SEC ‘misread the law’

Coinbase main ineligible serviceman Paul Grewal believes that the SEC has “misread the law” erstwhile it comes to labeling galore cryptocurrencies arsenic securities and the “status of crypto volition stay strong.”

Grewal said that erstwhile a national justice versed successful specified matters presides implicit the lawsuit successful court, they volition travel to the aforesaid conclusion. He added that the speech is “very confident” astir this and, arsenic such, believes that “crypto is present to stay.”

Grewal made the connection during an appearance connected TechCrunch’s Chain Reaction podcast connected June 8, wherever helium discussed the SEC suit filed against Coinbase connected June 6.

Coinbase was expecting litigation

Grewal said that its concern arsenic accustomed for the speech contempt the lawsuit, and it presently has nary plans to delist immoderate of the assets listed successful the SEC complaint. However, helium added that the speech would proceed to measure that presumption based connected caller accusation arsenic it comes in.

Grewal said that Coinbase has been preparing for the suit “for a agelong time” present arsenic it had been expecting the SEC suit aft the watchdog hinted astatine pursuing litigation earlier successful March.

He said that Coinbase’s attempts to glean clarity implicit regulations and its operations were snubbed repeatedly contempt its champion efforts to prosecute with the regulator.

According to Grewal, the speech privately met with the SEC much than 30 times since the autumn of 2022 successful an effort to found communal crushed and find a way to registry with the regulator. However, the SEC yet declined to prosecute with the speech oregon supply immoderate guidance.

Grewal said:

“When it came clip to get a effect from the SEC, oregon to perceive their ideas for however this mightiness work, we received nothing. We were simply thanked for our clip and invited to leave.”

Crypto volition thrive extracurricular US

Grewal said that countries astir the satellite are starting to found “strict, firm, but sensible rules” for the crypto manufacture successful their jurisdictions, which points to a agleam aboriginal for the technology.

He said:

“There is nary question that crypto volition proceed to thrive extracurricular the U.S.”

Meanwhile, it is “striking” that “one portion of [the] national government” that is “insisting” connected a wholly antithetic attack to regulating the sector, Grewal added.

The SEC has publically stated that it does not judge caller rules and regulations are indispensable for the crypto manufacture arsenic existent securities laws already screen them adequately.

However, the crypto manufacture and galore U.S. politicians disagree with the regulator’s stance and judge the assemblage needs tailor-made rules to relationship for its differences from accepted finance.

The station Coinbase ineligible main Paul Grewal says SEC ‘misread the law’ appeared archetypal connected CryptoSlate.