Last week, Coinbase CEO Brian Armstrong declared the exchange’s readiness to engage in a lengthy legal battle with the Securities and Exchange Commission (SEC).
Armstrong emphasized that the company may even go as far as to leave the US if the authorities continue to impose tighter control over the digital currency market.
This was in response to Coinbase’s petition, published in July, which asked the SEC to clarify its stance on regulation.
As the SEC failed to provide an answer, Coinbase lawyers have filed a lawsuit demanding the commission answer the questions posed.
Paul Grewal, one of the exchange’s attorneys, has tweeted that SEC chief Gary Gensler ignored the document.
Grewal has further stated that the cryptocurrency market and its participants need clear criteria and rules that are suitable for an innovative industry, as opposed to enforcement policies based on securities laws.
