Coinbase Aims for Regulatory Clarity in SEC Battle, Not Just a Win
Paul Grewal, Coinbase‘s Chief Legal Officer, recently shared his company’s true objective in its case against the U.S. Securities and Exchange Commission (SEC) and stated that the company would comply with regulations if they were clear.
.@Coinbase chief legal officer @iampaulgrewal discusses what his company’s true objective is in its case against the SEC.
🔊 Full episode: https://t.co/nwRbIZ9IwZ pic.twitter.com/iLye39mK0w
— Laura Shin (@laurashin) August 31, 2023
In a podcast episode by Laura Shin, a crypto-journalist and host of the Unchained podcast, Grewal talked about the company’s objective in the case against the SEC. He said that Brian Armstrong, CEO of Coinbase, and the board of the committee are committed to using all necessary resources to make a good case. He stated, “Many people all over the world are counting on us to do our very best.”
Among all the cases the SEC filed against many crypto companies, Grewal believed that the case was more complicated than just winning or losing. Many people speculated that Coinbase would approach the case in a “win it all or lose it all” manner, and the SEC suggested that if they were able to prove that one token, service, or product is a security, then “it is game over.”
Grewal added that’s not how Coinbase thinks. In his words, the company’s objective is to be given clarity on what the standards are. The legal officer said that if they were given a clear set of rules, the company would comply with them. Furthermore, Grewal has an optimistic view of the case and shared that he thought they were going to win it.
On the other hand, Grewal mentioned that if they lost or the court laid out the standards and rules that crypto companies should comply with, Coinbase and other companies would comply. He said, “We’ll comply, and others will be able to comply in a way that just isn’t possible today.”
John Deaton, a renowned crypto lawyer, shared his opinion on Coinbase’s case against the SEC and believed there was a 35% chance that the lawsuit would be dismissed.