Coinbase Chief Legal Officer Paul Grewal lately took a playful jibe on the U.S. Securities and Exchange Commission’s (SEC) stance on what’s a safety. Grewal lately shared photographs of a Green Bay Packers certificates and the buying and selling card that includes its former Head Coach Bart Starr. In a put up on X, he not directly hinted on the SEC’s declare of treating crypto as a safety amid the continued Coinbase vs. SEC case.
Coinbase CLO Continues Opposing SEC’s Remarks On Crypto As A Security
In this newest tweet, Grewal famous that the Green Bay Packers membership deemed a safety whereas the Bart Starr buying and selling playing cards aren’t a safety. The Coinbase CLO wrote, “Both are an investment of money for access to an ecosystem. Both are based on promotion by the issuer with much hope that number go up. One is a security. The other is not.”
Grewal wittily hinted on the ongoing tokens vs. securities conflict that encompasses Ripple and Coinbase amongst different notable entities within the crypto area. However, the Coinbase CLO’s put up attracted combined responses. While some agreed with Grewal and used their wit to supply related examples, some believed that the CLO made a mistaken comparability.
The feedback included these whereby individuals expressed that a number of rules bind the Green Bay Packers inventory whereas the playing cards will not be, which is why the latter isn’t thought-about a safety. In addition, a remark accused Coinbase CLO of underestimating the decide’s intelligence.
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Paul Grewal’s Stand On SEC Lawsuit Against Crowd Machine
Earlier, Grewal opposed a court docket ruling favoring the SEC in a lawsuit towards Crowd Machine Compute Tokens, reigniting the tokens vs. securities debate. In a January 24 put up on X, Grewal questioned the tokens being deemed as securities. Moreover, he criticized the Northern California court ruling in SEC’s favor amid a pending Southern District of New York ruling for the Coinbase vs. SEC lawsuit.
Though Grewal labeled the defendants within the SEC case as “fraudsters,” he cautioned towards the federal government making false statements in court docket on account of such accused entities. Grewal expressed concern that such actions might confuse Americans about rules after the SEC dragged Coinbase and Ripple to the court docket.
Moreover, he expressed robust criticism towards the SEC for creating ambiguity round its authorized stance. Furthermore, to focus on the challenges in understanding the SEC’s place on what’s a safety, the Coinbase CLO emphasised the necessity for readability in figuring out the legislation for securities.
Also Read: Binance and SEC Dispute Escalates Over Evidence Production
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