Chair

Gary

Resistance

<ul class="wp-block-list"> 
 <li><strong>Coinbase criticizes SEC, demanding withdrawal of frivolous cases and an apology.</strong></li> 
 <li><strong>Bitcoin surges past $71K, relieving anxious traders after consolidation.</strong></li> 
</ul> 
<p>Bitcoin hit a three-month high, surging past $71,000 and providing relief for traders weary of the coin’s prolonged consolidation. But alongside this surge, the ongoing legal <a href="https://thenewscrypto.com/coinbase-files-foia-requests-on-u-s-crypto-regulations/" target="_blank" rel="noreferrer noopener">drama</a> between Coinbase and the U.S. Securities and Exchange Commission (SEC) escalated. Coinbase CEO Brian Armstrong recently voiced strong criticism of the SEC on social media, urging the next chair of the commission to withdraw “frivolous cases” and apologise to the American public.</p> 
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  <p lang="en" dir="ltr">The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.<br><br>It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. <a href="https://t.co/kWVx73vYMs">pic.twitter.com/kWVx73vYMs</a></p>— Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1851103674744832334?ref_src=twsrc%5Etfw">October 29, 2024</a>
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<p><br></p> 
<p>He suggested this to restore public trust in the regulatory body. His post also raised crucial regulatory questions, such as “Is a digital asset a security?” and “Can the SEC regulate digital asset exchanges?”—pointing to the unresolved regulatory uncertainty in the sector.</p> 
<p>Notably in an amicus brief filed on 28 October, Coinbase supported Beba LLC and the <a href="https://thenewscrypto.com/hermetica-completes-1-7m-seed-round-to-boost-bitcoin-defi-with-usdh/" target="_blank" rel="noreferrer noopener">DeFi</a> Education Fund in a case against the SEC, criticizing the commission’s “regulation-by-enforcement campaign” against digital-asset companies. The brief accuses the SEC of failing to provide the industry with clear guidelines and argues that, without formal rulemaking, firms find themselves in a compliance “Catch-22.”&nbsp;</p> 
<p>Moreover, Coinbase claimed that when it went public in 2021, the SEC did not object to its listing or the presence of digital assets on its platform. However, Coinbase asserts that the commission has since reversed its stance, with SEC Chair <a href="https://x.com/GaryGensler" target="_blank" rel="noreferrer noopener nofollow">Gary Gensler</a> now deeming most digital assets as securities.</p> 
<h3 class="wp-block-heading" id="h-sec-lacks-transparency">“SEC Lacks Transparency”</h3> 
<p>Coinbase further argues that the SEC’s approach lacks transparency, stating that “the agency has steadfastly refused to engage in rulemaking,” instead relying on punitive enforcement actions to regulate the industry. The exchange also highlighted its extensive efforts, including 30 meetings with the SEC in 2022 to seek regulatory guidance, only to be met with insufficient responses. Coinbase’s legal petition, initially filed in 2022, calls for regulatory clarity, contending that existing securities laws, designed for traditional assets, are inadequate for the unique nature of digital assets.</p> 
<p>The <a href="https://www.sec.gov/" target="_blank" rel="noreferrer noopener nofollow">SEC</a> has maintained that current laws are sufficient, citing the Supreme Court’s “investment contract” standard. However, Coinbase’s ongoing case could push for clearer regulation in an industry where rapid technological shifts demand flexible and well-defined rules. This case may have significant implications for the future regulatory framework of digital assets in the U.S.</p> 
<p><strong>Highlighted News Of The Day</strong></p> 
<p><a href="https://thenewscrypto.com/bitcoin-breaks-multiple-resistance-as-price-rallies-past-70k/">Bitcoin Breaks Multiple Resistance as Price Rallies Past $70K</a></p>

Coinbase CEO Demands SEC Apology for ‘Frivolous Cases’

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