Coinbase, the largest US cryptocurrency exchange, has sent a letter to the SEC arguing that decentralized exchanges (DEX) cannot be regulated like stock exchanges.
Coinbase has recently published a report on the definition of an exchange and how digital assets will be regulated. opposing the rule change proposal To the U.S. Securities and Exchange Commission (SEC) DEXs are like standard stock exchanges. arguing that it cannot be regulated sent a letter.
Coinbase’s Chief Legal Officer Paul Grewal said on his official Twitter account. in sharing, 8 page letter shared and made statements on the subject.
Grewal said that with the rule change proposed by the SEC last year, it tried to expand the definition of the exchange to include DEXs, but Coinbase and many of the leading players of the market. concerns about the rule change proposal He reminded that there were
Stating that the SEC nevertheless accepted the stock market definition to include DEXs, Grewal said, that it is impossible for a DEX to register as a national stock exchange explained in these words:
The SEC is trying to fit a square nail into a round hole.
On the other hand, in order to advance the rule change proposal in terms of process and content, it’s pretty flawed Stating that, Grewal went beyond the SEC’s crypto jurisdictions. Trying to get ahead of Congress implied.
US Republican lawmakers Warren Davidson And Tom Emmer Recently, the SEC introduced a bill to impeach Chairman Gary Gensler.