Cover image via U.Today

The Chief Legal Officer of Coinbase, Paul Grewal, has responded to recent remarks by SEC Commissioner Hester M. Peirce at the "SEC Speaks" event.

During the annual "SEC Speaks" event, which began on Tuesday, the Securities and Exchange Commission provides insights into its priorities for the year. The event serves as a platform for the SEC to offer guidance to the legal community on rules, regulations, enforcement actions, and legal disputes, with this year's focus being on "disclosure."

At the event, SEC Chair Gary Gensler, commissioners, and other key officials deliver speeches. Commissioner Hester Peirce, also known as "Crypto Mom," highlighted the issue of decreasing commission and staff engagement with the public in her remarks. Peirce emphasized that the responsibility lies with the commission itself, rather than the staff or market participants.

She expressed concerns about the current method of rule development, citing broad proposals and limited SEC engagement in implementation discussions. Peirce noted the rarity of productive interactions with the SEC.

Following Peirce's statements at "SEC Speaks," Coinbase's CLO, Paul Grewal, showed support in a tweet. Grewal agreed with many points made by Peirce during the event.

Previously, Coinbase had requested clear rules on digital assets from the SEC, but this was denied in December. The cryptocurrency exchange is now seeking to overturn the SEC's denial and requesting the federal circuit court to initiate new crypto rulemaking or provide a clear explanation of its position.

In a recent legal ruling, U.S. District Judge Katherine Polk Failla allowed the SEC's action against Coinbase to proceed. The judge did, however, dismiss the SEC's claim that Coinbase had acted as an unregistered broker by offering its Wallet program.