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Home»ETHEREUM NEWS»Coinbase CLO defends Ethereum security amid regulatory scrutiny
ETHEREUM NEWS

Coinbase CLO defends Ethereum security amid regulatory scrutiny

By Crypto FlexsApril 26, 20243 Mins Read
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Coinbase CLO defends Ethereum security amid regulatory scrutiny
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Paul Grewal, Coinbase’s Chief Legal Officer, has become a key voice in the ongoing debate over the legal classification of cryptocurrencies. Ethereum The U.S. Securities and Exchange Commission (SEC) argued in support of the platform’s unsecured status.

Widespread awareness of Ethereum security characteristics

Coinbase CLO Paul Grewal moves to X (formerly Twitter). express His belief in Ethereum as a product. According to Grewal, he knows that ETH is a commodity, and so does the entire cryptocurrency community and the Commodity Futures Trading Commission (CFTC). Therefore, it is important for the SEC to recognize the continued belief that ETH is a commodity and stop playing the game.

He also thanked Consensys for filing a lawsuit against the regulatory watchdog, opposing the agency’s unlawful abuse of power.

On Thursday, Consensys claimed: filing The SEC has reportedly planned enforcement proceedings to regulate ETH as a security as part of its strategy to control the future of cryptocurrencies. They also claimed that the company’s MetaMask wallet software, which encourages users to self-storage Ethereum and other cryptocurrencies, was a prime target of the SEC after receiving a Wells notice letter indicating possible regulatory action.

The filing cites a prior declaration from the agency’s head, Gary Gensler. ETH’s security status. In 2018, when Gensler was a university professor, he asserted that ETH was sufficiently decentralized that it could not be considered a security.

Consensys believes that classifying ETH as a security should not allow institutions to arbitrarily expand their jurisdiction to govern the future of the Internet. The company also claims that the SEC has been negligent in its approach, causing confusion for those involved in improving or managing critical Ethereum-based systems.

The contents of the document are as follows:

It would be disastrous if the SEC seized illegal authority over ETH. For the Ethereum network and Consensys. All ETH holders, including Consensys, will fear violating securities laws if they transfer ETH on the network. And the ability of the first person to acquire ETH to use Ethereum’s decentralized application and service repository will be eliminated. This will halt use of the Ethereum blockchain in the United States, crippling one of the internet’s greatest innovations.

The main purpose for which a company files a lawsuit secretary The goal is to secure access for the numerous developers, organizations and market participants interested in the Ethereum blockchain and ensure that ETH maintains a dynamic and trustworthy blockchain platform.

Blockchain adoption brings a revolution

Consensis We aim to increase the use of blockchain platforms such as Ethereum, which we believe will contribute to improving and reshaping the next generation to manage the world’s multiple systems. This includes social, political, economic and technological systems to make the world more transparent, creative and equal. But this promising vision is now being challenged by the SEC.

It is noteworthy that Ethereum provides not just permissionless information, but also permissionless human ingenuity capabilities. As a result, Consensys emphasized the need for transparency and urged opponents of the SEC’s regulatory actions to speak out.

ETH trading at $3,152 on 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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