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Coinbase has established a Global Advisory Council to help it deal with its legal battle with the US Securities and Exchange Commission (SEC). The council is made up of influential former politicians, including former senator Patrick Toomey, and former Congressman Tim Ryan. The council will work alongside Coinbase Asset Management Academic and Regulatory Advisory Council members and help the exchange to maintain its operations and rebuild strategies in the US and the rest of the world. Coinbase has been involved in a legal battle with the SEC after the regulator warned of a possible lawsuit over alleged breaches of securities.
This article originally appeared on www.newsbtc.com
Coinbase, one of the largest cryptocurrency exchanges in the world, has engaged the services of legal and political advisors in its battle against the United States Securities and Exchange Commission (SEC).
The SEC has been investigating Coinbase for some time, specifically in regards to the exchange’s offering of the crypto asset, XRP. The SEC has stated that XRP is a security, and as such, Coinbase should have registered it with the commission. Coinbase has argued that XRP is not a security and that the SEC’s actions in regards to the asset are unfounded.
Coinbase has now taken the fight to the next level, engaging the services of former SEC official Michael Didiuk, who now works at the law firm Fenwick & West. Didiuk has extensive experience in the regulatory space and has previously worked with Coinbase. He will help Coinbase in navigating the legal intricacies of its battle with the SEC.
Along with Didiuk, Coinbase has also worked with former SEC official Jonathan Dever and former Director of the Consumer Financial Protection Bureau, Raj Date. The two will assist Coinbase in navigating the political landscape in Washington D.C., where they will advocate for Coinbase’s position on the XRP issue.
Coinbase’s move to engage legal and political aids is a clear indication that the exchange is willing to fight the SEC over the XRP matter. The exchange has stated that it is committed to defending itself from what it sees as unjustified regulatory action.
Moreover, Coinbase’s decision to pursue legal and political avenues also highlights the importance of cryptocurrency regulation. While the cryptocurrency industry has seen tremendous growth and adoption in recent years, it is still very much a young industry that is not yet fully regulated. The regulatory environment of cryptocurrencies is evolving, and this case between Coinbase and the SEC could set a crucial precedent for the entire industry.
It remains to be seen how this battle between Coinbase and the SEC will play out. However, it is clear that Coinbase is determined to defend itself and its position on XRP. The exchange’s decision to engage legal and political advisors underscores how seriously it takes the matter and how important it is for businesses operating in the cryptocurrency industry to have access to legal and regulatory counsel.
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