Coinbase CLO Calls Out ripple, Robinhood and Binance After SEC Latest Crash
In a new development that has shaken the crypto space, Coinbase Chief Legal Officer (CLO) Paul Grewal has taken a bold stance against the Securities and Exchange Commission (SEC). He also called on industry giants like Ripple, Robinhood, binance and others to examine their interactions with the regulator.
Coinbase CLO Questions Ripple, Binance, Uniswap and Others
Prominently addressing organizations in the cryptocurrency and financial space directly, Grewal asked a series of pointed questions. In a post on X, Coinbase CLO asked Robinhood if there was a ‘comprehensive disclosure’ of Wells processes. He also called out crypto assets that were subject to Wells’ notices from the SEC. These include Ripple, Binance, Kraken and uniswap.
Additionally, Coinbase CLO’s investigation aimed to shed light on whether other companies have faced similar treatment from the SEC. This suggests a pattern of behavior rather than an isolated incident. Additionally, Grewal called the SEC’s actions “direct gaslighting.”
It also implied that facts were deliberately manipulated to deceive or confuse. Additionally, the Coinbase CLO highlights the importance of the issue, especially in the context of ongoing legal proceedings before Judge Shelby and the United States District Court.
Also Read: Ripple SEC News: XRP Institutional Sale Discounts, Sales Agreement and Other Important Details Sealed
Grewal Doesn’t Get a Comprehensive Explanation
Grewal’s call to action follows his stunning statement regarding the SEC’s handling of the case against Debt Box. Coinbase CLO has highlighted the SEC’s failure to comply with its protocol in a harsh criticism. He criticized the SEC for not following the Wells process, which is designed to provide clarity to potential defendants.
He cited the SEC’s admission: “The Wells process is designed to assist in the charging decision for a particular potential defendant. SEC staff typically provides a detailed description of the evidence it will use to substantiate potential charges against a particular person or entity.”
Additionally, Coinbase CLO emphasized the crypto exchange’s stance of not receiving any statement regarding a similar move against them. He wrote: “We did not receive a ‘detailed description’ of the evidence as to which entities gave rise to securities transactions. “We were never told what assets were involved.” Grewal argued that this departure from ordinary procedure raises questions about the validity of the SEC’s claims.
Also Read: Coinbase CLO Criticizes SEC For Bypassing Wells Process In Debit Box Case
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