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<p class="is-style-lead">Coinbase CEO slams SEC says next Chairman should stop all “frivolous” lawsuits against crypto companies and apologize to the Americans.</p>
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   <li><a href="#timeline-of-the-coinbase-vs-sec-war" rel="noopener noreferrer nofollow">Timeline of the Coinbase v SEC war</a></li>
   <li><a href="#gary-gensler-may-soon-lose-his-job" rel="noopener noreferrer nofollow">Gary Gensler may soon lose his job</a></li>
   <li><a href="#why-the-crypto-community-hates-gensler" rel="noopener noreferrer nofollow">Why crypto community hates Gensler?</a></li>
   <li><a href="#trumps-new-sec-head-could-make-the-u-s-a-crypto-paradise" rel="noopener noreferrer nofollow">Trump’s new SEC head could make the U.S. a crypto paradise</a></li>
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<p>Coinbase CEO Brian Armstrong has said that the new U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>) chairman should stop all “frivolous” lawsuits against crypto companies and apologize to American citizens. Armstrong also accused the regulator of inconsistency in defining crypto assets.</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 rel="noopener noreferrer nofollow" href="https://t.co/kWVx73vYMs" target="_blank">pic.twitter.com/kWVx73vYMs</a></p>— Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1851103674744832334?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 29, 2024</a>
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<p>He posted a chart with various statements by SEC officials on this topic, including a quote from former Commissioner William Hinman, who said in 2018 that digital assets cannot be clearly classified as securities. This statement and other materials from Hinman became the basis for <a href="https://crypto.news/tag/ripple/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> Labs’ defense in the lawsuit with the SEC.</p>
<h2 class="wp-block-heading" id="timeline-of-the-coinbase-vs-sec-war">Timeline of the Coinbase v SEC war</h2>
<p>The conflict between <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> and the SEC has been going on for several years. In late March 2023, Coinbase received a notice from the SEC that the regulator planned to take enforcement action due to possible violations of securities laws. This warning concerned some crypto assets on the platform, such as Coinbase Earn, Coinbase Prime, and Coinbase Wallet.</p>
<p>In April 2023, Coinbase filed a lawsuit against the SEC to compel the commission to respond to a request for new rules to regulate cryptocurrencies. However, the SEC asked the court to dismiss the lawsuit, citing a lack of obligation to respond promptly to such requests. In June 2023, the regulator <a href="https://www.sec.gov/newsroom/press-releases/2023-102" target="_blank" rel="noopener noreferrer nofollow">filed</a> its lawsuit against Coinbase, which included Coinbase, Inc. and Coinbase Global, Inc., but did not name Armstrong and other executives.</p>
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 <p>“The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.”</p> <cite>SEC statement</cite>
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<p>Since then, the standoff between the SEC and Coinbase has escalated. The <a href="https://crypto.news/tag/exchange/" target="_blank" rel="noopener noreferrer nofollow">exchange</a> has filed multiple motions for partial summary judgment. However, the conflict between the regulator and the platform remains unresolved.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/sec-vs-coinbase-and-new-lawsuit-history-of-the-years-long-battle/"> SEC vs Coinbase and new lawsuit: history of the years-long battle </a></p>
<h2 class="wp-block-heading" id="gary-gensler-may-soon-lose-his-job">Gary Gensler may soon lose his job</h2>
<p>The crypto community and the SEC have been in tension for several years, and this standoff has intensified with <a href="https://crypto.news/tag/Gary-Gensler/" target="_blank" rel="noopener noreferrer nofollow">Gary Gensler</a>‘s appointment as head of the SEC. It actively discusses the possibility of his resignation after the presidential election in 2024. Although his term officially ends in January 2026, historically, it has been shared that SEC heads should leave their positions due to a change in presidential administration.</p>
<p>Given Gensler’s controversial stance on digital assets, this situation is exciting to crypto market participants. If Kamala Harris wins the election, a new head of the SEC can be expected. If <a href="https://crypto.news/tag/donald-trump/" target="_blank" rel="noopener noreferrer nofollow">Donald Trump</a> wins, significant changes in regulatory policy towards the crypto industry are predicted.</p>
<p>The change in the SEC leadership may lead to a new stage in the development of the American cryptocurrency market, especially given the current head’s critical attitude toward digital assets. Market participants hope for more constructive interaction with the new leadership and creating a more transparent regulatory environment for the crypto industry.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/coinbase-sec-battle-over-clear-crypto-regulation/"> Coinbase, SEC battle over clear crypto regulation </a></p>
<h2 class="wp-block-heading" id="why-the-crypto-community-hates-gensler">Why crypto community hates Gensler?</h2>
<p>When Gensler became the chairman of the SEC, the crypto industry faced increasing pressure from the regulator. However, not all measures taken by the commission are justified.</p>
<p>The sanctions have had a particularly noticeable impact on cryptocurrency issuers. In the United States, there are still no clear rules for determining the status of digital assets, so the SEC is guided by its own assumptions.</p>
<p>According to Gensler, all cryptocurrencies except Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) can be considered illegally issued securities. Based on this, he began to compile a “blacklist” of digital assets. In addition to Ripple (<a href="https://crypto.news/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a>), this list includes 68 other cryptocurrencies that the SEC has found to be unlawfully issued securities. Interestingly, Ethereum, the second-largest coin by market cap, was not included in this list. The reasons for this remain unclear, while other cryptocurrencies, like Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), were included in the list.</p>
<h2 class="wp-block-heading" id="trumps-new-sec-head-could-make-the-u-s-a-crypto-paradise">Trump’s new SEC head could make the U.S. a crypto paradise</h2>
<p>In July, rumors about who could become the SEC chairman if Trump wins the 2024 presidential election began circulating. Dan Gallagher is considered the first candidate. According to crypto community members, he can replace the current SEC head, Gary Gensler, whose policies do not suit crypto investors.</p>
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   <p lang="en" dir="ltr">Rumors are floating that Dan Gallagher might replace Gensler in a Trump administration.<br><br>Gallagher is the Chief Legal Officer at Robinhood and has served as an SEC commissioner during Obama's term.<br><br>Like this post if you think Gallagher will be pro-crypto if elected. <a rel="noopener noreferrer nofollow" href="https://t.co/rtaelTaOy6" target="_blank">pic.twitter.com/rtaelTaOy6</a></p>— Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1808149895167058333?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 2, 2024</a>
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<p>Gallagher served as an SEC commissioner from November 2011 to October 2015 and has worked in various positions, including advising Commissioner Paul Atkins and Chairman Christopher Cox. He also represented the SEC in the liquidation of Lehman Brothers.</p>
<p>There are several reasons why Dan Gallagher might be the right person to lead the SEC if Trump wins. First, he has experience serving in multiple positions at the commission, making him familiar with the SEC’s internal processes and policies. Second, Gallagher has experience working in a Republican administration that supports Trump.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/"> Goodbye, Gary: Donald Trump vows to fire SEC chief if elected </a></p>

The next SEC Chief should stop going after crypto companies

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