Following United States Securities and Exchange Commission (SEC) Chairman Gary Gensler's recent comments on cryptocurrencies, Coinbase's Chief Legal Officer Paul Grewal has reacted, disputing the SEC chair's stance.
In a recent interview, Gensler noted that the agency is simply a "cop on the beat" when it comes to policing the cryptocurrency business. The SEC chairman talked on CNBC a day after Robinhood revealed that it had gotten a Wells notice from the U.S. securities regulator.
Gensler stated that the cryptocurrency industry consists of a variety of digital assets that qualify as securities "under the law of the land, as interpreted" by the Supreme Court.
This statement by the SEC chair has been a point of contention, since it signals a more stringent regulatory approach to cryptocurrencies, potentially subjecting them to the same laws and regulations that control regular stocks.
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Grewal questions SEC Chairman Gary Gensler's position on digital assets. The contention is around the classification of cryptocurrencies, an important question with serious implications for the industry's future.
“Many of those tokens are securities under the law of the land, as interpreted by the US Supreme Court. So we follow that law.”
Please stop misleading the market—tokens are NOT securities. Their pleadings notwithstanding , your own attorneys have admitted this in court. https://t.co/Ti4Xtpe67s
Grewal strongly criticized Gensler's claim that most crypto tokens are securities under the law. Such a wide definition of cryptocurrency tokens as securities may inhibit innovation and impede industry growth.
In a blunt reply, Grewal said that the SEC's attorneys had previously admitted in court that cryptocurrencies do not meet the definition of securities. This inconsistency highlights the complexities of applying established financial laws to a new and dynamically developing asset class. Coinbase's legal head asks the SEC chair to cease misleading the market and recognize that tokens are not securities by default.
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In the interview, Gensler compared tokens to publicly traded stocks, claiming that financial disclosures for cryptos are required, which some market participants believe displays a lack of understanding of how cryptocurrency works.
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