Coinbase urged the US Office of Government Ethics to remove a rule that prohibits security staff and exchange commission from holding crypto.
SEC staff needs to use crypto to better understand how it works and the best way to fix it, the head of legal official Paul Grewal Argued In open letters sent to OGE acting director Jamieson Greer and newly sworn SEC Chair Paul Atkinswhich he shared with X on April 25th.
“To adjust the technology, you need to understand it. To understand the technology, you need to use it,” Grewal said in a letter to Greer.
“Allowing commission staff to handle crypto is important for them to develop the knowledge needed to suggest and adopt the generated regulations of frameworks for the activity of digital securities,” he added.
Legal Advisory 22-04, Issued On July 4, 2022, through OGE, SEC staff is prohibited from buying, selling, or otherwise using crypto and stablecoins because they are not “publicly exchanged security” and are not qualified for an exception, unlike stocks.
SEC needs apostasy for staff
Grewal said US president Donald Trump The SEC and other agencies have been taught to submit recommendations for crypto regulations for nearly 90 days, and the SEC is “staff still cannot use technology where they are making recommendations.”
He shouted a similar emotion in his letter to Atkins and Crypto-friendly sec Crypto Task Force in creating a regulation framework.
While in OGE to restore advice, the SEC should take its own action, Grewal said.
“For example, the release of declines to members of the Crypto Task Force and other staff who are actively working on work -made matters is in accordance with the steps already taken in counseling situations,” he said.
Related: Coinbase Foia’s files to see how much the ‘War on Crypto’ costs
Grewal added that a removal will allow SEC staff to the Crypto Task Force responsible for creating crypto regulations to use crypto and “review the underlying digital asset technology.”
Former SEC chair Gary Gensler, who operated in 2021, was known for his hardline stance in crypto regulation. She is resigned on January 20 After the leadership of a aggressive bearing regulation toward cryptocarrying up 100 regulatory actions against companies.
Following Gensler’s release, the SEC came out of a swathe of suits against crypto companies, including Coinbase, in Feb. 27 and, in a more recent April 24 walkback, Flogged plans to drop its implementation Blockchain firm Dragonchain.
Magazine: Bitcoin $ 100k Hopes on Ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26
