By George Ward
The leading American crypto exchange has stated that it is on a mission to ensure regulatory clarity in the digital asset industry as it continues its ongoing lawsuit with the nation’s Securities and Exchange Commission (SEC).
Coinbase is committed to pulling in its resources to mount a formidable legal defense team to counter the regulator’s move.
Coinbase Attorney Expresses Optimism
Amid the company’s ongoing legal battle with the US regulator, Coinbase’s Chief Legal Officer, Paul Grewal, has provided valuable insights into the firm’s core mission. Grewal recently clarified Coinbase’s goals and emphasized their commitment to following regulatory guidelines, but with one caveat: clarity is essential.
During a recent podcast interview hosted by Laura Shin, a renowned crypto-journalist, Grewal discussed the company’s unwavering mission in their ongoing legal battle with the SEC. The attorney revealed that Brian Armstrong, CEO of Coinbase, and the committee’s board are committed to harnessing every available resource to build a compelling case.
According to him, the firm’s responsibility extends beyond Coinbase, adding that countless individuals worldwide rely on the company’s unwavering commitment to excellence. Grewal used the podcast to shed light on the significance of Coinbase’s stance against the regulator.
The attorney stressed Coinbase’s commitment to upholding the principles of fairness and transparency in the cryptocurrency industry. Grewal emphasized that the ongoing legal battle represents a defining moment for the broader crypto community.
A Complicated Legal Battle
Of all the lawsuits the SEC filed against crypto entities in the past few months, Grewal believed that Coinbase’s case surpasses previous ones, unlike a simple outcome of winning or losing. However, the securities watchdog suggested that the case would be over if Coinbase couldn’t prove that its token, product, or service qualified as a security.
On the other hand, Coinbase is reportedly approaching the issue with a “win it all or lose it all” mindset. The general feeling within the crypto community is uncertainty, with many speculating about Coinbase’s all-or-nothing strategy.
Meanwhile, Grewal and the Coinbase team recognized that the situation requires a more complex response. Contrary to what others speculate, Grewal emphasized that Coinbase’s approach was founded on a completely different mindset.
According to him, the company’s primary goal was to seek clarity regarding the regulatory standards that govern the crypto industry. As the company’s legal officer, Grewal emphasized Coinbase’s sincere desire to operate within a well-defined and transparent regulatory framework.
He further expressed the company’s eagerness to comply with these regulations once they were established fully. Meanwhile, popular crypto lawyer, John Deaton, recently shared his perspective on the court case between Coinbase and the SEC, stating there is a 35% chance that the court would throw the lawsuit out.