© Reuters
The United States Securities and Exchange Commission (SEC) delayed its decision on Coinbase’s (NASDAQ:) request for clear guidelines for regulating cryptocurrencies until December 15, a move that has increased tensions in the within the cryptocurrency sector. The delay comes as legal battles intensify between regulators and cryptocurrency companies, with exchanges like Kraken and Coinbase being sued by the SEC for allegedly operating as unregistered securities exchanges.
Coinbase, in a legal response filed today through its General Counsel Paul Grewal, requested mandatory action on its request to regulate digital securities. Paul Grewal expressed his frustration with the SEC’s inaction, citing the recent lawsuit against Kraken as an example of the challenges facing U.S.-based cryptocurrency exchanges.
The entire cryptocurrency community echoes the call for definitive regulatory frameworks to enable growth and stability of the industry. Amid this regulatory uncertainty, Coinbase CEO Brian Armstrong reaffirmed his company’s commitment to complying with U.S. regulations, calling it strategic foresight despite recent upheaval in the industry, such as the resignation of Binance CEO Changpeng Zhao and the fines imposed on him.
Cameron Winklevoss, an iconic figure in the crypto space, supports the need for clear guidelines and sides with struggling exchanges. The push for regulation is seen as crucial to navigating the complex landscape of cryptocurrency operations in the United States and ensuring the development of the sector.
The current situation highlights the importance of regulatory clarity for digital assets and serves as a reminder that the information provided does not constitute trading advice. The industry awaits the SEC’s decision next month, hoping it will provide much-needed guidance and stability.
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