With Coinbase seemingly on the verge of a court battle with the Securities and Exchange Commission (SEC), the firm has stressed that the US government’s aggressive approach to crypto regulation has “left a vacuum that other countries are eager to to fill”.
The SEC issued Coinbase a well notice on March 22 outlining that SEC staff had recommended that the agency take enforcement action regarding “potential violations of securities laws” with respect to some of the listings. company asset management, staking services, and Coinbase Wallet.
In a blog on March 23 mail noble Europe is winning. Will the United States catch up? Daniel Seifert, Coinbase’s vice president and regional managing director in Europe, emphasized that the “regulatory approach to US cryptocurrency has been marked by regulation by enforcement,” despite industry-wide calls for a ” comprehensive regulation of cryptocurrencies”.
“This approach has created an environment of uncertainty and instability in the crypto industry,” he wrote.
Coinbase’s top lawyer @iampaulgrewal says the SEC wants court fights instead of conversation.
In dozens of meetings with the SEC over the past 9 months, Grewal says the exchange received “basically no answers” to key questions.
Hear:https://t.co/027slXaMhb pic.twitter.com/L0ikJwleyA
— Laura Shin (@laurashin) March 24, 2023
As such, Seifert argued that the US is losing its status as the leading hub of the crypto sector, while France, the UK and the European Union are now building “vibrant” ecosystems due to their friendlier approach to crypto regulation. .
“America has left a void that other countries are eager to fill,” he wrote, adding: “We are proudly an American company. It’s hard to sit back and watch America throw away the opportunity it’s been given.”
The SEC overlooks one of the biggest frauds in history – FTX/Alameda
Gary Gensler approaches the head of that fraud – SBF
And then the SEC goes after the most legitimate company in crypto – Coinbase
yes yes very normal and totally rational
— sassal.eth (@sassal0x) March 23, 2023
In particular, Seifert highlighted the importance of the Blockchain Week event to be held at the Louvre in Paris this month. He also pointed to the UK’s recent push to become a crypto hub and the European Union’s Markets for Crypto Assets (MiCA) regulation which is scheduled to come into force in 2024.
“This year it will take place in a private space at the Louvre, arguably France’s greatest national treasure and one of the world’s most respected museums,” he said, adding:
“For me, this is a clear sign: France is quick to recognize the opportunity that crypto presents and is offering it room to flourish. The EU in general, the UK, the United Arab Emirates, Hong Kong, Singapore, Australia and Japan are following suit.”
The MiCA legislation has been in development for two years and aims to establish a “harmonized set of rules for crypto assets and related activities and services.”
Related: Cathie Wood’s ARK Loading Coinbase Shares Again, Buying $18 Million
Overall, it is expected to be a positive move for the European cryptocurrency ecosystem as it will offer clear rules and guidelines for the sector.
“We are already seeing Europe now match the US in its share of crypto developers (29% each globally). The United States used to lead the charge at 40%,” she said, adding that:
“This level of growth does not happen by chance. Concerted efforts must be made, such as the development of a regulatory framework that provides clarity and stability to companies operating in the space.”
In a lengthy Twitter thread on March 23, the Crypto Council for Innovation also made points similar to Seifert’s, noting that “cryptocurrencies are global and no one is waiting for the US to land the plane.”
1/ Crypto is global, and no one is waiting for the US to land the plane. Here, our summary of the global activity ():
— Crypto Council for Innovation (@crypto_council) March 24, 2023
The thread explored positive developments around the world, including examples such as the National Australia Bank’s work with stablecoins not pegged to the US dollar, Hong Kong’s efforts to become a hub for digital assets, and the Canadian Securities Administration recently. imposed “enhanced investor protection commitments” in national currency. crypto exchanges.
