Coinbase has submitted a strongly worded comment letter to the US Securities and Exchange Commission (SEC) opposing the agency’s proposal to expand the definition of “exchange” to include decentralized exchanges (DEXs).
The SEC’s proposal, which has reopened for public comment, has drawn significant criticism from Coinbase and other industry players. The exchange’s letter highlighted concerns that the rule could stifle innovation and impose unworkable compliance burdens on DEXs.
Fundamentally flawed
In the letter addressed to SEC Secretary Vanessa A. Countryman, Coinbase Chief Legal Officer Paul Grewal argued that the proposed rule is fundamentally flawed in both its conception and execution.
The letter emphasized that the SEC’s cost-benefit analysis is inadequate, as it fails to account for the unique operational characteristics of DEXs and the potentially severe economic impacts of the proposed regulations on the broader crypto market.
Coinbase’s main contention is that
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