This is the first time a U.S. regulator has clearly stated that it is happy with “regulating the cryptocurrency industry with penalties.”
Earlier, Coinbase filed a lawsuit against the SEC demanding clear rules for regulating the industry. A U.S. court upheld the exchange and urged the regulator to respond to the company’s claims;
However, representatives of the SEC said that the Commission is not obliged to fulfill the requirements set out in the petition, and stressed that Coinbase required a comprehensive set of laws and reforms in a very short period of time.
As Coinbase General Counsel Paul Grewal noted, this is the first time the SEC has explained its plans to regulate the cryptocurrency industry.
He also stressed that there are still many questions that need to be clarified:
“The SEC has said that creating the laws could take years and they are taking their time.
And she emphasized that she will continue to use fines and penalties as a substitute for regulation for the foreseeable future, but there will also be a law created someday.”
The U.S. Chamber of Commerce recently criticized the SEC for unfairness to cryptocurrencies.