Source: Cointelegraph
Original: “Coinbase urges the cancellation of the SEC rule banning employees from holding cryptocurrencies”
Coinbase urges the U.S. Office of Government Ethics (OGE) to cancel the rule that prohibits employees of the U.S. Securities and Exchange Commission (SEC) from holding cryptocurrencies.
Coinbase Chief Legal Officer Paul Grewal stated in an open letter shared on April 25 via the X platform that SEC employees need to use cryptocurrencies to better understand how they work and the best regulatory approaches. The letter was sent to OGE Acting Director Jamieson Greer and newly appointed SEC Chair Paul Atkins.
“To regulate technology, you need to understand it. To understand technology, you need to use it,” Grewal stated in his letter to Greer.
He added, “Allowing commission staff to hold cryptocurrencies is crucial for them to develop the necessary knowledge that will be used to propose and adopt a viable regulatory framework for digital securities activities.”
The legal advisory opinion 22-04 issued by OGE on July 4, 2022, prohibits SEC employees from buying, selling, or otherwise using cryptocurrencies and stablecoins, as they do not fall under “publicly traded securities” and do not meet the exemption criteria, unlike stocks.
Grewal noted that former President Trump had directed the SEC and other agencies to submit cryptocurrency regulatory proposals within approximately 90 days, but SEC “employees still cannot use the relevant technology for which they are developing proposals.”
In his letter to Atkins and SEC Commissioner Hester Peirce, who has a friendly stance towards cryptocurrencies, he reiterated similar points, stating that the inability to hold cryptocurrencies has become an obstacle for the agency's cryptocurrency working group in formulating a regulatory framework.
Grewal stated that while the power to revoke the advisory opinion lies with the OGE, the SEC should also take its own actions.
“For example, granting exemptions to members of the cryptocurrency working group and other employees actively involved in working group matters, which is consistent with measures taken in similar advisory situations,” he said.
Grewal added that the exemptions would allow SEC cryptocurrency working group employees responsible for developing cryptocurrency regulatory rules to use cryptocurrencies and “assess the underlying digital asset technology.”
Former SEC Chair Gary Gensler took office in 2021 and was known for his tough stance on cryptocurrency regulation. He resigned on January 20, during which he took an active regulatory stance on cryptocurrencies and initiated over 100 regulatory actions against businesses.
After Gensler's departure, the SEC withdrew lawsuits against several cryptocurrency companies, including Coinbase, on February 27, and in a recent concession on April 24, also indicated plans to withdraw enforcement actions against blockchain company Dragonchain.
Related: Bitcoin supporter TJ Miller: “The 50-hour rule” is the reason celebrities stay away from Bitcoin (BTC)
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