U.S. lawmakers and crypto firms push back against SEC ‘regulation by enforcement' Coinbase Binance Congress
- In the wake of several high-profile enforcement actions from the U.S. Securities and Exchange Commission this week – including lawsuits filed against the two largest cryptocurrency exchanges in the world – the crypto community is rallying to support Coinbase and Binance and is collectively lambasting the actions taken by the regulator as heavy-handed regulation by enforcement.
“Real consumer protection requires creating a robust legal framework that exchanges can comply with, not pushing the industry offshore into the shadows,” Lummis said. “This is why Congress needs to pass the Lummis-Gillibrand Responsible Financial Innovation Act.” Grewal went on to cite regulatory advancements in multiple countries – including the UK, Australia, Singapore, China and the European Union – which “are putting in place regulatory frameworks that are creating room for innovation while also protecting consumers.”
Coinbase CEO Brian Armstrong backed up Grewal's statements on Tuesday, tweeting, “There is no path to ‘come in and register' - we tried, repeatedly - so we don't list securities.”
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