SEC chair Gensler claps back at Coinbase, says crypto rules already exist
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The chair of the United States Securities and Exchange Commission (SEC) Gary Gensler has hit back at Coinbase’s petition compelling the agency to provide a clear stance on crypto regulation, arguing that there are already adequate laws in place.
In a May 15 keynote
On May 8, the Coinbase chief legal officer Paul Grewal also sent a letter to the SEC requesting revisions to the agency’s proposed updates to its registered investment advisers custody rule.
Essentially, Coinbase argued that the proposals unfairly target crypto companies, provide a lack of nuanced rules for different asset classes and make improper assumptions about custodial practices based on securities.
Other players in the space such as Web3 venture capital fund Andreessen Horowitz (a16z) and the Blockchain Association have also echoed similar criticisms of the proposals.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
