Coinbase’s chief legal officer Paul Grewal called for Congress to adopt a draft bill laying out a regulatory framework around cryptocurrency transactions right after the Securities and Exchange Commission sued his company for failing to register with the agency.

Straying briefly from his prepared remarks to address the lawsuit, Grewal called the SEC’s move “disappointing, but not surprising.” He criticized the agency for what he said is its “reliance on enforcement-only approach”, and said the new rules under the proposed bill were needed to establish clearer regulations for the crypto industry.

“The solution is legislation that allows fair rules for the road to be developed transparently, and applied equally, not litigation,” said Grewal. “Despite today’s complaint, we will continue to operate our business as usual.”

The SEC’s action arrives on ahead of a previously scheduled hearing before the House Agriculture Committee on a GOP-led bill called the Digital Asset Market Structure Discussion Draft. Ahead of his testimony, Grewal called the bill a “strong step forward in providing over regulatory clarity”, and urged Congress to move quickly to adopt it.

Go to Source to See Full Article
Author: Nicholas Morgan

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details