Coinbase accused US authorities of trying to stifle the crypto industry

Experts from Coinbase (NASDAQ: COIN) have accused the U.S. Securities and Exchange Commission (SEC) of attempting to stifle the crypto industry.

Surprisingly, the SEC repeatedly states that it doesn’t matter whether the crypto industry can comply with the rules. The SEC intends to choke the digital asset sector and, to increase pressure, refuses to develop the necessary regulations requested by industry representatives, SEC employees wrote in a court filing.

Coinbase’s Chief Legal Officer, Paul Grewal, considers the SEC’s demands unattainable. In his view, the commission is deliberately setting impossible tasks to punish the non-compliant and destroy the crypto industry. Grewal hopes the court will order the regulator to develop fair rules for the American digital asset sector and thereby save the industry from collapse.