The leading cryptocurrency exchange in the USA coinbaseaccused the Securities and Exchange Commission (SEC) of trying to destroy the crypto market in its latest filing.
Last month, Coinbase called on the SEC for legislation that would support responsible and more careful growth of the industry in the US. Following this, the exchange recently alleged that US-based digital asset firms were stuck in a ‘catch-22’ in a closing brief in the Third Circuit Court of Appeals.
Coinbase Accuses SEC of Trying to Destroy Crypto
Over the past year, in the United States cryptocurrency regulations have been a matter of significant debate. At a time when SEC lawsuits against crypto firms are on the rise, the regulatory approach to enforcement has proven inefficient. Moreover, it only threatened the industry’s position in the country.
For this reason, Coinbase requested renewed regulatory frameworks from the institution earlier this month and asked for details to provide relief to the industry. However, these efforts did not yield results. Following this move, the company accused the SEC of trying to destroy crypto with its governance approach in a recent summary.
The company called out the SEC’s trend of demanding compliance from firms, only to launch “scorched earth lawsuits against these firms for failing to do so.” Moreover, they argue that this trend is linked to more nefarious intentions towards the market’s presence in the country.
The SEC recently attracted attention by approving spot Ethereum ETFs in the United States. According to many, this move is a clue that the institution’s perspective on the sector has changed. Moreover, cryptocurrency regulation is set to be a big aspect of the upcoming 2024 elections.
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