.JoelKatz criticizes SECGov for lack of clear crypto regulation guidelines
The architect behind the XRP Ledger took to Twitter to criticize the SEC for failing to provide clear guidelines on cryptocurrency regulation.
A Wells notice is a formal notification that gives the recipient an opportunity to respond to the allegations before the regulatory agency decides to pursue the case in court. Schwarz's comments came in response to Coinbase's chief legal officer Paul Grewal stating that the SEC needs to provide reasonable rules for crypto in the US, and that Coinbase is willing to follow them. He also said that the SEC has not been fair or reasonable in their engagement on digital assets, and that rulemaking and legislation are better tools for defining the law for the industry than enforcement actions.
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