The post John Deaton Explores SEC’s Testimony and the Ongoing ‘Regulatory Gap appeared first on Coinpedia Fintech News
Coinbase has filed a motion to dismiss the SEC’s lawsuit, which was brought in June. In the motion submitted to the U.S. District Court for the Southern District of New York on August 4th, Coinbase’s lawyers argued that the SEC violated due process, abused its discretion, and departed from its earlier interpretations of securities laws. Coinbase has also expressed concerns over the agency’s enforcement approach, arguing that it undermines the separation of powers.
Attorney John Deaton pointed out Chairman Gary Gensler’s testimony, where he acknowledged a “regulatory gap” for crypto exchanges falling between the SEC and the Commodity Futures Trading Commission (CFTC).
This was in response to a user who wrote, “Coinbase says that when an agency acts by enforcement, rather than rulemaking, it does “violence to the separation of powers.” Last time I
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