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The US Securities and Exchange Commission (SEC) is dealing with the increased scrutiny in the recent DEBT Box linked crypto case. The commission is being caught for misrepresenting evidence in the case. However, Coinbase’s legal head slammed the US SEC’s proceeding in his latest comments. Coinbase goes against SEC again 
According to reports, several Republicans, in a letter, criticized the commissions for misinterpreting evidence in the crucial <a href="https://news.todayq.com/crypto-firm-debt-box-faces-sec-lawsuit-for-50-million-fraudulent-scheme/" target="_blank" rel="noopener noreferrer nofollow">DEBT Box case</a>. This list of Republicans who choose to highlight SEC’s mistake includes J.D. Vance and Cynthia Lummis.
Paul Grewal, Chief Legal Officer at Coinbase in a post suggested that the SEC’s actions cast doubt on its broader enforcement practices. He added that these senators are even more correct than they know.
He mentioned that after the SEC secured a Temporary Restraining Order (TRO) against DEBT Box, it directed Coinbase to freeze assets or face sanctions. However, it later emerged that the TRO was tainted by misrepresentations and this pushed the crypto exchange Coinbase to challenge the SEC’s order.
Despite the SEC admitting its missteps, Grewal criticized the regulator for remaining silent and not immediately rectifying the situation. Coinbase later told the commission that they wouldn’t comply further with them unless they explained why they needed to do this.
Meanwhile, the commission allegedly didn’t provide the Coinbase team with any explanation. The recent court filings depict that the US’s biggest crypto exchange did the right thing by unfreezing the assets. Watchdog in crosshair 
Paul Grewal further added that dismissal without prejudice and an hour or two of trading is hardly a remedy here. He suggested that if this could happen in a federal case that was supervised by a district judge then imagine what else would be happening outside of the court’s oversight.
In a parallel statement, Faryar Shirzad, Chief Policy Officer at Coinbase, underscored the need for legislative action. He acknowledged that Congress should intervene when laws are unclear or inconsistently applied.&nbsp;
He highlighted that an urgent need for action is required when the lack of regulatory clarity contributes to arbitrary and capricious behavior and abuse of power.
In a letter to SEC Chair Gary Gensler, dated Feb. 7, the lawmakers expressed concerns about the agency’s wider enforcement practices. The senators rebuked the watchdog, mentioning the need for scrutiny of other enforcement cases.&nbsp;
The commission’s court filings raised doubts about the regulator’s ethical conduct and professionalism. This directly calls for urgent congressional action to address regulatory clarity and potential abuses of power.
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Coinbase in clash with SEC after Watchdog admits “Tainted” court order

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