The SEC is trying to destroy the crypto industry in the US, says Coinbase – DiarioBitcoin

In his last presentation before the Court of Appeals, Coinbase states that the SEC tries to destroy the crypto industry, so it is necessary for it to design appropriate laws instead of trying to apply rules that correspond to the stock market.

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• Coinbase accuses the SEC of trying to destroy the crypto industry
• It is impossible for cryptocurrencies to comply with securities laws, as they do not conform to these
• Asks the court to request the SEC laws more in line with the digital currency sector
• The SEC assures that securities laws are more than necessary to regulate said industry

The US-based international exchange, Coinbase, accused the Securities and Exchange Commission (SEC) of trying to destroy the crypto industry, this by maintaining a pattern in which it demands impossible things from the sector, proceeding with all its weight when its demands are not met.

The SEC attacks the crypto industry

The signs of Coinbase came to light in a report presented today to the Third District Court of Appeals who is pursuing his case against SEC, reviewed by the media The Blockwhere it asks the entity to order the regulatory body to work on drafting specific rules for the crypto sector, instead of wanting it to go through the regulations that usually apply to the stock market.

““The SEC has asked companies to comply and at the same time has launched litigation…against those companies for not doing so,” Indian Coinbase. They allege that “This pattern of behavior is a determined effort to destroy an industry by demanding the impossible, and prosecuting companies that fail to achieve it.”

In addition to what has already been said, Coinbase alleges that the SEC if you have adjusted over time the forms and mechanisms with which you act in the crypto ecosystem, this despite the agency stating that its position has never changed. The exchange assures that the evidence is there when they claim that the application of securities laws to digital assets depends on “the facts and circumstances.”

Securities laws apply to cryptocurrencies

The document presented by Coinbase further reinforces the complaint filed against the SEC before andl Court of Appealsas the exchange took the agency to court to demand greater regulatory clarity for the crypto industry.

The SEC has repeatedly rejected the allegations of Coinbase, ensuring that the securities laws currently in force apply perfectly to address the crypto sector, as the agency’s president, Gary Gensler, has said. However, the exchange and other entities express their disagreement with this premise, since the properties, operation and commercial behavior of digital currencies do not comply with the regulations applied by the regulatory agency.

For example, we have signals made by the platform Robin Hood, Since the SEC requires that the cryptocurrencies listed in its commercial service must respond to the corresponding securities registry, which is completely impossible to comply with since many of these do not have a visible head behind them that controls the issuance of the assets.

Given the impossibility of meeting these criteria, the SEC has taken action against various companies and exchanges that offer operations in the US, is currently involved in a dispute in court with Coinbase and Binancewhile entities like Robinhood and Uniswap weeks ago they received a Wells Notice to report alleged violations of securities laws.

Currently the SEC is carrying out an investigation against Ethereum to try to classify it as a security, but things may change now that ETFs Ethereum cash are about to hit the market. Analysts say that the issue of cryptocurrencies has become a political issue in the US, which is why the regulatory agency is letting its guard down a bit amid the government’s attempts to convey a friendlier stance to the banking sector. digital currencies.

Article by Angel Di Matteo / DailyBitcoin

Picture of DiarioBitcoin, under free use license

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.