SEC's proposed rule change faces criticism from Coinbase and crypto advocacy groups.
Paul Grewal, chief legal officer of United States-based cryptocurrency firm Coinbase, has pushed back against a proposed rule change from the Securities and Exchange Commission which could change the definition of an exchange and how digital assets are regulated.the SEC proposal “tries to fit a square peg in a round hole” and was “too flawed on process and substance to move forward”.
“Requiring a DEX to register in the same way as a national securities exchange is impossible,” said Grewal. “Requiring the impossible violates the [Administrative Procedure Act]. And simply saying there is no economic data doesn’t absolve the SEC from conducting economic analysis, especially when that data exists.”“The SEC is attempting to front run Congressional action by baking unsupported assumptions about its crypto jurisdiction into the proposed rules.
, claiming the rule change would allow the commission to exceed its authority and expand its purview to a range of financial products not equipped to handle such regulatory requirements. According to the Coinbase CLO, there was a path forward with the proposed rule change, requiring “robust consideration of the profound differences between a DEX and a traditional exchange”.
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