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Cryptocurrency News Articles
Coinbase CLO Roasts SEC Chair For “Misleading” Securities Statement | Dmartpreneur
May 08, 2024 at 01:01 am
Coinbase's Chief Legal Officer Paul Grewal has denounced US SEC Chair Gary Gensler's public categorisation of certain crypto assets as securities, arguing that it is misleading and inaccurate. Grewal cites court admissions by SEC lawyers that such tokens are not securities, and criticises the SEC's ongoing reference to Ethereum as a security, which has hindered the approval of spot Ethereum ETFs.
SEC's Categorization of Crypto Assets as Securities Draws Criticism
Since the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, publicly categorized certain crypto assets as securities, he has faced persistent backlash. The latest criticism came from Coinbase Chief Legal Officer (CLO) Paul Grewal, who publicly challenged Gensler's characterization of tokens as securities.
Coinbase CLO Dismisses SEC Chair's "Misleading" Statement
In a public statement, Grewal took issue with a statement made by Gensler during an interview on CNBC's Squawk Box. Regarding crypto assets, including Ethereum, the SEC Chair had asserted, "Many of those tokens are securities under the law of the land, as interpreted by the US Supreme Court. So we follow that law."
Grewal immediately refuted Gensler's statement, calling it "misleading" and emphasizing that tokens are not securities. To support his argument, Grewal cited instances where SEC lawyers had acknowledged this sentiment in court.
SEC's Categorization Hinders Spot Ethereum ETF Approval
The SEC's persistent classification of Ethereum as a security has negatively impacted the industry's efforts to obtain approval for a spot Ethereum exchange-traded fund (ETF). The Commission has maintained its stance, finding an ally in Michael Saylor, the founder of MicroStrategy.
MicroStrategy Founder Aligns with SEC on Ethereum Classification
At the recently held MicroStrategy World 2024 conference, Saylor voiced his support for the SEC's position, characterizing Ethereum as a security. He further predicted that other digital assets, including Solana (SOL), Cardano (ADA), XRP, and BNB, would also be deemed unregistered securities.
Saylor's Stance Draws Criticism from XRP Advocate
Saylor's stance on Ethereum drew criticism from Bill Morgan, a lawyer known for his advocacy of XRP. Morgan highlighted a previous verdict by Judge Analisa Torres, which declared that XRP is not a security. He questioned Saylor's credibility in commenting on Bitcoin's future, given his alleged lack of understanding of XRP's legal status.
SEC and MicroStrategy Criticized for Inconsistent Statements
Thomas Emmer, an American attorney and lawmaker, also criticized the SEC's classification of Ethereum as a security. He pointed out a perceived lack of clarity and honesty on the matter, calling on the Commission to clarify the timeframe and reasoning behind its decision.
The ongoing debate over the categorization of crypto assets as securities continues to shape the regulatory landscape for digital assets. The SEC's stance has met resistance from industry participants, legal experts, and policymakers alike, who argue that a more nuanced approach is required to differentiate between different types of crypto assets.
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