Coinbase Asks The SEC To Clarify Rules Involving Cryptocurrencies
✍️ 26 July, 2022 - 13:55 👤 Editor: Jakub Motyka
- The proposed regulations by the United States have affected the digital market due to multiple reasons.
- Coinbase requests that the SEC further clarify its laws to avoid some of these problems.
- What solution does Coinbase propose for the Commission?
The famous cryptocurrency exchange, Coinbase, has asked the SEC, the United States securities regulator, to clarify its laws. In the same request, the exchange has requested that the Securities and Exchange Commission clarify regulations involving asset trading. Likewise, they request that the regulator explain the rules that identify which digital assets are considered securities.
Inside the petition, “digital native values” are defined as “registered and transferred using distributed ledger technology”. It also points out that these assets do not rely on forms of centralized certified ownership, typical of traditional financial instruments. Finally, it adds that transactions "are executed and settled in real time, They are registered in blockchains and are visible with equal access to all market participants.”
What Agreement Could The SEC Reach With Coinbase On Cryptocurrency Regulations?
To describe both digital assets, and everything that represents digital transactions for the SEC, they have been based on certain things. What we have mentioned above are definitive characteristics, qualifying as “a paradigm shift in existing market practices”. Despite this, within the petition itself, Coinbase argues that the rules established by the commission are “incomplete and inadequate.”
On the other hand, according to the SEC and its current president Gary Gensler, most digital assets qualify as securities and refer to a registry. However, despite this claim, they have refused to identify every token that fits the definition of values. On this, the exchange stated that “The United States currently does not have a functioning market in digital asset securities due to the lack of a clear and viable regulatory regime.”
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- coinbase-sec: Coinbase Press