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The lawsuits are significant moves by the SEC and Chair Gary Gensler to try to regulate the entire crypto industry. The SEC’s strategy has centered on using its enforcement division to subdue crypto companies and show why its regulations apply to crypto activities, with increasing focus on the biggest players rather than just the companies and currencies at the margins.
“The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation,” Paul Grewal, chief legal officer of Coinbase, said in a statement. “In the meantime, we’ll continue to operate our business as usual.”
https://www.wsj.com/articles/sec-sues-coinbase-says-it-is-unregistered-broker-dealer-95ec0637
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