US-based cryptocurrency exchange Coinbase is seeking legal solutions while dealing with the SEC lawsuit.
The SEC entered a troubled period with its lawsuit against Coinbase. However, the stock market is looking for legal solutions.
Coinbase Seeks Solutions for SEC Litigation
Coinbase continues to push for legal solutions as it fights the SEC lawsuit. Paul Grewal, chief legal officer of Coinbase Global Inc., made the statements at a conference with investors. “We are willing to be involved in urgent legal solutions even during the litigation process,” Grewal said.
Grewal stated that they hoped the court could decide to dismiss the case and as a result, the case would be ended. However, if the court decides otherwise, the case will go into discovery and potentially advance to a trial. At the same time, he said it would be the next step for Coinbase to respond to the SEC lawsuit.
Grewal also stated that they hope the draft law on the subject will be discussed in the US House of Representatives by the end of the summer. Last week, the SEC stepped up its pressure on the crypto industry by taking drastic action against key firms like Binance Holdings and Coinbase. The SEC alleged that Coinbase acted without registration with the agency to operate as an exchange, broker-dealer and clearinghouse. Coinbase, on the other hand, denied these claims.
Grewal also noted that Coinbase is in the process of obtaining a full license to operate a derivatives market in the US and is in “positive” discussions with the CFTC. He said the Commodity Futures Trading Commission and the National Futures Association were reviewing applications positively and efficiently.
