Last July, Coinbase asked the SEC to undergo a formal rulemaking process for crypto so that exchanges, crypto startups, and the crypto community at large would understand how to operate. The SEC sat on the request and chose not to respond to it. So last month Coinbase sued the SEC in an effort to make the agency do its job.
Well, the SEC has finally responded to the lawsuit… by saying it doesn’t have to respond to the lawsuit. The agency said it usually takes a whopping five to 10 years to respond to these types of requests.
But technology, innovation, and business all move at a much faster pace than that. The SEC’s refusal to engage is simply unacceptable.
In this episode of Crypto Insider, Vin Narayanan explains what crypto investors can do about it.
Thanks for watching!