The head legal officer of cryptocurrency exchange Coinbase has voiced concerns about the U.S. Securities and Exchange Commission’s (SEC) attempts to hamper the digital asset industry. In a recent post on social media site X, Coinbase executive Paul Grewal accused the regulatory agency of trying to stifle the industry by imposing unworkable rules on crypto firms. Grewal argued that the SEC is asserting authority over the crypto industry without proper authorization from Congress or clear guidelines. Coinbase has filed a petition with the SEC to establish a new regulatory framework for digital assets, but the proposal was rejected. Grewal claims that the SEC is deliberately ignoring requests for regulatory clarity and is determined to suppress the growth of the crypto industry. Coinbase has turned to the courts for assistance in compelling the SEC to engage in rulemaking. The company’s latest court filing alleges that the SEC is persistently hindering the industry’s progress.
