John Deaton responded to the news regarding the US Securities and Exchange Commission’s rejection of Coinbase’s appeal. In a tweet posted on May 16, Deaton stated that the SEC is a broken agency that does not honor its core mission statement.
complicated question
Coinbase, a prominent US-based cryptocurrency exchange, filed a lawsuit in April, alleging that The response of the Saudi Electricity Company to their petition has been unreasonably delayed. In a lawsuit filed on May 15, the SEC responded by dismissing Coinbase’s assertion that the agency had indeed reached a decision as “unsubstantiated.”
Coinbase’s chief legal officer, Paul Grewal, responded to the announcement, inviting his followers to take a look at the SEC brief for themselves, prompting a raft of responses from the Twitter community.
Most notable among them is John Deaton, founder and host of CryptoLaw, a platform founded in 2021 to provide insights to digital asset holders and news about regulatory developments in the United States.
In his Twitter thread, consisting of four letters, Deaton highlights the history of the SEC, pointing to “57 digital asset cases” between 2017 and 2020 in which XRP was untouched. He continues that in 2019 the SEC issued a framework for digital assets.
Ongoing discussions
The Securities and Exchange Commission (SEC) is designed to regulate and monitor the securities industry, protect investors, maintain fair and orderly markets, and facilitate capital formation.
However, this is not the first time that questions and debates have arisen about the SEC’s effectiveness in performing its intended role.
Critics argue that the SEC has faced challenges in effectively disclosing and enforcing regulations and responding quickly to emerging issues in the rapidly evolving financial landscape.
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Some people question the SEC’s ability to adapt to technological developments, particularly in the area of cryptocurrency and digital assets.
These criticisms and questions highlight ongoing discussions about how the SEC can enhance its effectiveness and responsiveness to meet the evolving needs and complexities of the securities industry.
