Coinbase Spokesman: SEC Lawsuit is Undermining US Competitiveness

Paul Grewal, Coinbase’s Chief Legal Officer, claims that the SEC’s regulatory approach is hindering US’s competitiveness.

He emphasizes that Coinbase’s commitment to compliance should not be overlooked.

Grewal maintains that the solution is not litigation, but legislation that allows for the fair and transparent enforcement of the rules. Following the lawsuit that the SEC filed against Coinbase, Brian Armstrong, the company’s CEO, declared that the agency’s lack of clear rules has hurt US economic competitiveness, adding that Coinbase is poised to face the courts if needed.

Moreover, The SEC claims that the exchange violated securities laws by offering tokens such as SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO without the proper authorizing.

According to the agency, Coinbase inappropriately combined the functions of a broker, exchange, and clearing agency which are ordinarily kept separated. The Coinbase Earn staking program was also targeted.