{"id":3362,"date":"2021-09-27T17:15:25","date_gmt":"2021-09-27T07:15:25","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=3362"},"modified":"2023-05-15T14:20:32","modified_gmt":"2023-05-15T04:20:32","slug":"sec-spat-with-coinbase-previews-complex-legal-battle-over-crypto","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/sec-spat-with-coinbase-previews-complex-legal-battle-over-crypto","title":{"rendered":"SEC spat with Coinbase previews complex legal battle over crypto"},"content":{"rendered":"\n

A public spat has erupted between crypto-exchange Coinbase and the U.S. Securities and Exchange Commission (SEC) over the regulatory jurisdiction surrounding cryptocurrencies<\/h4>\n\n\n\n

A recent public exchange between U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and top executives of Coinbase, the largest U.S. cryptocurrency exchange, offers a preview of what will likely be a lengthy and complex battle over the legal and regulatory framework surrounding cryptocurrencies.<\/p>\n\n\n\n

The former chairman of the U.S. Commodity Futures Trading Commission (CFTC), Christopher Giancarlo also weighed in, without directly criticizing or taking sides in the debate, saying it is a challenge to apply \u201c90-year-old statutes\u201d to new innovation that was never contemplated.<\/p>\n\n\n\n

In testimony<\/a> before the U.S. Senate Banking Committee last week, Gensler warned that cryptocurrency exchanges such as Coinbase should register with the regulator. In response to a hypothetical question from Sen. Elizabeth Warren (D-Mass.) that mentioned Coinbase, Gensler replied that Coinbase \u201chaven\u2019t yet registered with us, even though they have dozens of tokens that may be securities.\u201d<\/p>\n\n\n\n

His comment is the latest jab in a series of back-and-forth punches between the SEC and top executives at Coinbase over regulatory uncertainty surrounding the cryptocurrency industry. Gensler\u2019s comment came just days after a lengthy Twitter thread<\/a> by Coinbase CEO Brian Armstrong and a blog post<\/a> by Coinbase Chief Legal Officer Paul Grewal, criticized the SEC\u2019s handling of the firm\u2019s plans to roll out a lending product that the agencies has determined to be a security.<\/p>\n\n\n\n

Scope of SEC\u2019s regulatory jurisdiction<\/strong><\/h2>\n\n\n\n

At the heart of the legal dispute between the SEC and Coinbase is regulatory jurisdiction related to the rapidly growing and evolving crypto marketplace. The debate hinges, more specifically, on the definition of whether cryptocurrencies and related stablecoins are legally defined as securities and are therefore subject to regulation by the SEC.<\/p>\n\n\n\n

Gensler has asserted, without offering specifics, that some digital assets and platforms are operating as, or offering, securities, which would bring them under the SEC\u2019s oversight. He also has asked Congress for more specific authority in areas that may be unclear or outside the SEC\u2019s jurisdiction. In the case of Coinbase, for example, the SEC has taken issue with the firm\u2019s planned rollout of its \u201cCoinbase Lend\u201d platform.<\/p>\n\n\n\n

Indeed, Grewal wrote in a public blog that the SEC has issued Coinbase a so-called \u201cWells notice\u201d that the agency intends to legally charge the company if it proceeds with plans to launch the Lend product, which allows users to earn interest by lending digital assets<\/p>\n\n\n\n

Coinbase disputes that the Lend program is a security. Grewal wrote that the program is based on the USD Coin (USDC), a cryptocurrency linked to the U.S. dollar. (Such cryptocurrencies linked to an underlying asset are called \u201cstablecoins.\u201d)<\/p>\n\n\n\n

\u201cCustomers won\u2019t be \u2018investing\u2019 in the program, but rather lending the USDC they hold on Coinbase\u2019s platform in connection with their existing relationship,\u201d Grewal wrote. \u201cAnd although Lend customers will earn interest from their participation in the program, we have an obligation to pay this interest regardless of Coinbase\u2019s broader business activities. What\u2019s more, participating customers\u2019 principal is secure, and we\u2019re obligated to repay their USDC on request.\u201d<\/p>\n\n\n\n

A perceived lack of communication or cooperation by the regulator is what appears to be causing Coinbase to speak out publicly. Despite the SEC\u2019s repeated encouragement for the cryptocurrency industry to \u201ccome in and talk to us,\u201d Grewal and Armstrong said Coinbase has been trying to engage with the SEC for nearly six months without much response. \u201cThe SEC told us they consider Lend to involve a security, but wouldn\u2019t say why or how they\u2019d reached that conclusion,\u201d Grewal wrote. \u201cA healthy regulatory relationship should never leave the industry in that kind of bind without explanation. Dialogue is at the heart of good regulation.\u201d<\/p>\n\n\n\n

Armstrong agreed, writing on Twitter, \u201cIf we end up in court, we may finally get the regulatory clarity the SEC refuses to provide. But regulation by litigation should be the last resort for the SEC, not the first.\u201d<\/p>\n\n\n\n

While the SEC declined to official comment on the exchange, Gensler continues to seek more authority for the agency to oversee a crypto world he has described as a \u201cWild West\u201d riddled with fraud and investor risk. In his testimony last week, he asked for more resources to meet the growing number regulatory projects the SEC faces.<\/p>\n\n\n\n

Several days later, Coinbase announced in a blog post it would not launch the program. \u201cAs we continue our work to seek regulatory clarity for the crypto industry as a whole, we\u2019ve made the difficult decision not to launch the USDC APY [Annual Percentage Yield] program,\u201d Coinbase stated on its blog post.<\/p>\n\n\n\n

Giancarlo weighs in<\/strong><\/h2>\n\n\n\n

In an interview on CoindeskTV<\/a> on September 9, former CFTC Chairman Giancarlo shared his thoughts on a wide range of crypto-related issues \u2014 from central bank digital currencies to the complex legal and regulatory issues surrounding cryptos. Giancarlo is now a senior attorney with Willkie Farr & Gallagher and advocates for the blockchain and cryptocurrency industries.<\/p>\n\n\n\n

Giancarlo said that during his time at the CFTC, regulators found that existing rules \u201cweren\u2019t applicable to this new innovation, to crypto itself. It is important for this new innovation that we not apply 90-year-old statutes \u2014 which is effectively what we have for the Commodities Exchange Act and the Securities Exchange Act \u2014 against a new innovation that was never contemplated in the 1930s when those statutes were written.\u201d<\/p>\n\n\n\n

Without directly commenting on the Coinbase and SEC uncertainty, Giancarlo said that when he was at the CFTC the \u201cpriority was to clarify rules and then look at enforcement actions.\u201d To do otherwise would put firms in unwitting legal jeopardy.<\/p>\n\n\n\n

As to the issue of jurisdiction, Giancarlo explained that \u201cultimately, it will be the courts that will have to determine jurisdiction and apply the security laws to these asset classes\u201d adding that he\u2019s optimistic that Congress will step in if necessary. \u201cCongress in the last few months has really recognized crypto\u2026 and has woken up to this technology and its power and potential.\u201d<\/p>\n\n\n\n

Cryptos and blockchain are a chance to modernize finance and solve the worst elements of its existing structure, he said, noting that the country\u2019s financial structure\u2019s \u201cslowness, its expensiveness and, most unfortunate, its exclusiveness\u201d has hindered innovation.<\/p>\n\n\n\n

\u201cWe need to see it as revolutionary, be willing to be flexible with our existing models, and look to this innovation to modernize shortcomings.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A public spat has erupted between crypto-exchange Coinbase and the U.S. Securities and Exchange Commission (SEC)<\/p>\n","protected":false},"author":107,"featured_media":3363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[697,660,701],"tags":[138,1122,1149,457,460,897],"insight_job_role":[804,715],"insight_practice_area":[],"class_list":["entry","author-corpadmin","has-excerpt","post-3362","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance","category-governance-risk-compliance","category-regulatory-intelligence","tag-compliance","tag-compliance-learning","tag-cryptocurrency","tag-regulatory-intelligence","tag-risk","tag-risk-and-compliance","insight_job_role-chief-risk-officer","insight_job_role-compliance-risk-manager","hentry"],"acf":[],"yoast_head":"\nSEC spat with Coinbase previews complex legal battle over crypto<\/title>\n<meta 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