Credit: Grandbrothers/Adobe Stock Coinbase Slams SEC's Proposal to Amend Definition of Term 'Exchange'
"Further, the SEC starts from an assumption that there is some problem with the industry in need of correction, yet fails to prove that problem's existence," said Paul Grewal, the chief legal officer of Coinbase Inc.
August 12, 2024 at 03:48 PM
3 minute read
The original version of this story was published on National Law Journal
What You Need to Know
- Paul Grewal, the chief legal officer of Coinbase, submitted concerns about the SEC's proposal to amend the definition of
- Under the amendment, communication protocol systems would be required to register with the SEC as exchanges or broker-dealers.
The chief legal officer of Coinbase Inc. submitted another round of concerns with the U.S. Securities and Exchange Commission on Monday over the agency's proposal to expand the definition of "exchange."
Paul Grewal, the chief legal officer of Coinbase, said the SEC's proposal to amend the definition of "exchange" under Exchange Act Rule 3b-16 failed to include critical analysis, rested on irrational assumptions, failed to show that there is any problem in need of regulation and vastly overstated the proposal's purported benefits.
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