A SEC commissioner who opposes encryption claims that revoking enforcement action against Coinbase damages the department's credibility

Caroline Crenshaw, a member of the US Securities and Exchange Commission (SEC) and a cryptocurrency skeptic, stated on the SEC's official website: "Today, the Commission has requested the court to revoke its enforcement action against cryptocurrency trading platform Coinbase. This mid course change of stance, coupled with the recent suspension of other high-profile lawsuits, is not only unprecedented, but also ignores the legal principles established over 80 years. We claim that the revocation action is due to the possibility of future recommendations from the" Crypto Working Group dedicated to helping the Commission develop a regulatory framework for cryptocurrency assets. However, regardless of future laws, market participants should not evade the constraints of current laws. Before the law is clear, we already have an existing framework that should be equally applied and enforced for all participants. Today's action not only failed to bring clarity, but also created more questions: what are the laws applicable to encrypted assets Today's action has damaged the credibility of our law enforcement department. It raises doubts about whether institutions will deploy law enforcement resources based on election cycles or biased towards those with resources. This has sparked criticism of politicizing our institution and sowed distrust in the government Earlier today, it was announced that the US SEC has officially withdrawn its civil enforcement lawsuit against Coinbase and stated that it will not take further action in this case.