Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Crypto Lawyer Highlights SEC’s Limitations Amid Regulatory Battles

Crypto Lawyer Highlights SEC’s Limitations Amid Regulatory Battles

CoineditionCoinedition2024/08/05 16:00
By:Ikemefula Aruogu
  • Bill Morgan highlighted the SEC’s limitations in pursuing regulatory enforcement.
  • Coinbase requested the SEC to produce large volumes of documents.
  • Paul Grewal believes the requested documents are “important” to the case.

Renowned crypto lawyer Bill Morgan has highlighted the SEC’s limitations in pursuing regulatory enforcement. In a recent post on X, Morgan noted that the agency’s budget is less than its chairperson’s request. Yet, it has to spend such resources on discovering documents requested by Coinbase and Ripple instead of opting for a settlement.

In his post, Morgan cited a section of the court filing showing Coinbase’s request for the SEC to produce all documents relating to crypto assets. Following this, the SEC produced all the non-privileged documents it gathered while investigating its case against the crypto exchange. The filing shows the SEC gathered over 240,000 documents concerning the crypto assets involved in its case against Coinbase.

Per Coinbase request, the crypto exchange’s Chief Legal Officer Paul Grewal noted the SEC has responded to their request. He described the documents to be produced by the regulator as “important,” believing they would expose the commission’s inconsistent views on digital assets and regulatory reach.

Grewal demanded transparency from the SEC as a minimum requirement to carry out the functions it has set out to do. He noted:

“If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the least they owe to those they target–and the public–is transparency.”

On July 23, Ripple requested the court to order the SEC to produce important documents in discovery, including those related to the tokens the commission included in its original complaint. Coinbase also requested the SEC to produce documents relating to its consideration of the crypto exchange’s public offering and statements linked to the SEC chair, Gary Gensler, in his personal and professional capacity during his tenure as the commission’s head.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

0% fee EUR deposit — Share 1 million USDT!

First come, first served: Users can earn up to 25% rebate in USDT when depositing at least $200 worth of EUR via bank deposit with 0% fees! Join Promotion period: November 15, 15:59:59 – December 14, 15:59:59 (UTC) Rules Register using the Join button. Deposit at least $200 worth of EUR via bank de

Bitget Announcement2024/11/15 10:26