Multiple reports have surfaced which reveals Coinbase is in the process of pitching cryptocurrency regulations to US officials.
As of right now details concerning Coinbase’s proposal plans have not been revealed but it’s speculated that it will contain rhetoric which explains what a security should be and what it shouldn’t be.
The plan to pitch their idea to US officials comes just days after the SEC spoiled Coinbase’s plans to launch their new lending product.
CEO of Coinbase hours went on Twitter and tweeted “they refuse to tell us why they think it’s a security,” after the SEC threatened to sue him if he proceeded with his lend product.
— CoinDesk (@CoinDesk) September 21, 2021
— Olumide Adesina (@TokunboAdesina) September 21, 2021
Coindesk broke the story:
Crypto exchange Coinbase is preparing to pitch a proposed regulatory framework to federal officials.
The exchange plans to publicly roll out this proposal in the coming days, according to sources familiar with the regulatory discussions. Details of the proposal were not available at press time, but among other matters the company intends to argue what should and should not be defined as a security within the U.S.
The news comes after Coinbase announced it was ceasing plans to offer a crypto lending product, which the Securities and Exchange Commission (SEC) said would violate securities laws.
Earlier this month, Coinbase Chief Legal Officer Paul Grewal and CEO Brian Armstrong revealed that the SEC had sent a Wells Notice to the exchange, which said the regulator would sue Coinbase should its “Lend” product launch.
Coinbase is said to be preparing a pitch to U.S. regulators on how to regulate the crypto industry. The exchange plans to publicly roll out this proposal in the coming days, sources familiar with the regulatory discussions told Coindesk https://t.co/il0ZAfiN7U pic.twitter.com/izF3HnjYIK
— Bloqport (@Bloqport) September 21, 2021
Seeking Alpha reported the story too:
Cryptocurrency exchange Coinbase (NASDAQ:COIN) is readying a regulatory proposal to federal officials, CoinDesk reports, citing sources familiar with the regulatory talks.
Although details of the proposal weren’t available, the company plans to make its case for what should and shouldn’t be defined as a security in the U.S., according to the sources, who added that the proposal will be disclosed in coming days.
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