emphasized<\/a> in response to the SEC Chair\u2019s letter, stating \u201cthere is NOTHING unique or new about cryptocurrencies,\u201d that Coinbase\u2019s rulemaking request relies on the belief in the distinctiveness of the crypto ecosystem concerning asset volatility and the categorization of all assets as securities under current laws.<\/p>\nAccording to Deaton, this stance directly opposes the SEC Chairman\u2019s statements during his congressional testimony earlier this year. Deaton remembered that during the hearing, Gary Gensler asserted that crypto lies beyond the commission\u2019s scope due to its unique nature, creating a regulatory gap.<\/p>\n
Deaton stated that Coinbase\u2019s request relied on the SEC\u2019s perspective, as evidenced by prior communications. The lawyer for XRP holders noted the SEC Chair\u2019s complete reversal on the crypto issue, attributing it to political motives and backing from Senator Elizabeth Warren.<\/p>\n
Related: <\/em><\/strong>SEC officials meet again with spot Bitcoin ETF filers<\/em><\/strong><\/p>\nThe U.S. SEC has been sending different signals about its position in the cryptocurrency ecosystem, either through the SEC Chairman\u2019s words or the commission\u2019s actions in general.<\/p>\n
Amid ongoing legal disputes with Coinbase and Binance over crypto securities, the regulatory body declined to appeal its defeat against Grayscale Investments. The case involves the company\u2019s attempt to transform its Bitcoin Trust into an operational spot Exchange Traded Fund (ETF).<\/p>\n
Magazine: <\/em><\/strong>Crypto regulation \u2014 Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n<\/div>\n