FX.co ★ Coinbase worries about SEC’s crackdown on crypto industry

Incredible happenings occur now and then in the cryptocurrency industry. In one such recent case, crypto platform Coinbase lodged a claim against the US Securities and Exchange Commission (SEC). The crypto exchange accused the agency of attempting to cripple the crypto industry.

"The SEC’s authority has repeatedly stated that it doesn't matter if the crypto industry can comply with the rules. However, the agency's enforcement actions indicate that the Commission intends to strangle the digital assets sector. The agency refuses to develop the appropriate regulatory measures requested by industry representatives," Coinbase staff wrote in a court filing.

According to Paul Grewal, Coinbase's Chief Legal Officer, the Commission lays down unattainable requirements. The Coinbase executive believes that the agency "deliberately sets unachievable goals to punish the firms in disgrace and destroy the crypto industry." Paul Grewal hopes the court will compel the regulator to develop acceptable rules for the US digital assets sector. This will encourage the efficient operation of the US crypto industry, the expert believes.