Coinbase Attorney Responds To Allegations That SEC Will Sanction The Company!

Coinbase Global Inc. The company’s chief legal officer, Paul Grewal, said on Bloomberg TV on Wednesday that the company’s US regulators cryptocurrency He said he shouldn’t be impressed by the proposal to make it harder for companies to become “qualified custodians”.

“SEC Will Bring Other Companies To Coinbase Standards”

Grewal said:

“Coinbase is a qualified custodian today and will be a qualified custodian tomorrow. The SEC’s proposal today does not change this fact. While we appreciate the SEC for following proper procedures for public rulemaking, today’s proposal is just a proposal.

I think when it comes to Coinbase, we see SEC officials specifically admitting that Coinbase is operating in a qualified manner. In many ways, it’s about bringing the rest of the industry to the standard Coinbase has set for itself.”

The U.S. Securities and Exchange Commission (SEC) proposed Wednesday to expand its requirements for qualified custodians to cover assets, including virtual currencies.

Wide-ranging changes to long-standing rules could put the crypto industry in particular trouble, as it continues to be plagued by regulatory pressure in a bear market.

Many of Coinbase’s current activities are under threat from regulators. Staking rival Kraken was forced to stop serving the United States recently after an action by the SEC.

During the interview, Grewal reiterated that Coinbase’s staking products are “not securities.”

“There are significant differences between the way Coinbase services work and the rest of the industry,” he said.

*Not investment advice.

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