Coinbase CLO Criticizes SEC for Inconsistent Approach to Cryptocurrencies

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by Giorgi Kostiuk

2 years ago

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  1. Statement by Coinbase's CLO
  2. SEC's Clarifications on Terminology
  3. Accusations Against SEC


    4. Coinbase Chief Legal Officer Paul Grewal has criticized the Securities and Exchange Commission (SEC) for what he perceives as inconsistent treatment of cryptocurrencies, particularly in comparison to Ether.

    Statement by Coinbase's CLO

    In a post on X (formerly Twitter), Grewal highlighted footnotes in the Binance vs. SEC case where the regulator reportedly “regrets any confusion it may have invited” by repeatedly stating that tokens themselves are securities. The agency clarifies that by “securities,” it refers to the “full set of contracts, expectations, and understandings centered on the sales and distribution” of a cryptocurrency.

    SEC's Clarifications on Terminology

    In the Binance case, the SEC specifically identified ten cryptocurrencies — SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI — as securities. The regulator argues that these assets and their associated activities haven’t changed significantly.

    Accusations Against SEC

    Ripple CLO Stuart Alderoty asked the SEC to admit that it has become a “twisted pretzel of contradictions” regarding its policy on cryptocurrency regulation.

    Statements from Grewal and Alderoty highlight growing concerns and dissatisfaction regarding the SEC’s approach to cryptocurrency regulation, sparking further debate among market participants.

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