.Coinbase has filed a petition with the SECGov criticizing the existing regulatory framework around cryptocurrency. camlearnscrypto reports
The exchange’s Chief Policy Officer Faryar Shirzad explained the reasons behind the petition in aThursday, saying that without effective regulation, the U.S. will fall behind in digital asset innovation.
“When it comes to crypto securities there is a significant, foundational hurdle that has prevented that market from maturing. That hurdle is the fact that the securities rules simply do not work for digitally native instruments,” Shirzad wrote. “Crypto assets that are securities need an updated rulebook to help guide safe and efficient practices,” Shirzad further argued. “Crypto assets that are not securities need the certainty of being outside those rules. Anything short of that will have the effect of entrenching incumbent technologies at the expense of innovation and ultimately, consumers.”
In the petition, the exchange’s Chief Legal Officer Paul Grewal outlined the key challenges associated with regulating cryptocurrencies, including a lack of clarity on which digital assets constitute securities, and conflicting or unnecessary requirements. Grewal also listed a series of questions for the SEC to consider in creating a regulatory framework, addressing classification, issuance, trading and custody.
The SEC itself has also expressed concern about the lack of regulation surrounding cryptocurrencies. Earlier this week, the commission’s enforcement director Gurbir Grewal told Congress of his
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC Says These Cryptocurrencies Are Securities: See the Full ListThe SEC has asserted that some cryptocurrencies are securities as part of an insider trading case
Read more »
'Fraud is fraud': Former Coinbase manager charged in first-ever cryptocurrency insider-trading caseIshan Wahi is accused of tipping his brother and pal of upcoming crypto asset listings, who illegally netted $1.5 million based on the information.
Read more »
U.S. charges ex-Coinbase manager in first crypto insider trading caseA former product manager at Coinbase Global and two others have been charged with wire fraud in the first insider trading case involving cryptocurrency, U.S. prosecutors in Manhattan said on Thursday.
Read more »
DOJ Seizes $500K in Ransom Payments, Cryptocurrency From State-Sponsored North Korean Hackers – Regulation Bitcoin News'Today, we have made public the seizure of those ransom payments, and we are returning the stolen funds to the victims.' crypto cryptocurrency bitcoin
Read more »
Former Coinbase Employee Charged in Alleged Insider-Trading SchemeA former Coinbase employee and two others were charged with fraud in what prosecutors say is the first insider-trading case involving cryptocurrency markets
Read more »
Coinbase stock has potential to double in 2022 after plunging 90% from record highCoinbase (COIN) price per share could almost double by the end of this year.
Read more »