Coinbase claps back at SEC proposal, chief exec targets Gary Gensler
Coinbase has decided to further dig in its heels against regulatory pressure from the Securities and Exchange Commission (SEC), with CEO Brian Armstrong calling out the commission’s chair Gary Gensler, and the crypto exchange’s legal chief hitting back at an SEC proposal that would amend custody rules for registered investment advisors (RIAs). In a 23-page letter to the SEC, Coinbase’s legal head Paul Grewal outlined many ways in which the exchange doesn’t agree with major revisions proposed to the investment adviser custody rule. Grewal explained that the SEC is seemingly making assumptions about crypto that would do harm to investors. “While we agree with some of the measures outlined in the Proposal, we are concerned that, in its current form, the Proposal makes unwarranted assumptions about custodial practices based on the Commission’s experience with securities ,” the letter stated. “These assumptions are not necessary or appropriate, and could be detrimental to consumer prote...