paulgrewal.eth
@iampaulgrewal
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Chief Legal Officer @coinbase . I talk a little crypto, a lot of law, and way too much Ohio sports.
California, USA
Joined January 2015
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We've read Judge Torres' thoughtful decision. We've carefully reviewed our analysis. It's time to relist.
Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on
@Coinbase
&
@CoinbaseExch
in the regions where trading is supported.
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Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15
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Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry. 1/4
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We screwed up and we are sorry.
Yesterday we shared an overview of the $pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.
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Most days I love being a lawyer. Today is one of them.
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Don’t be misled that Judge Torres ruled that sometimes XRP is a security and sometimes it isn’t. That’s exactly the opposite of what she ruled: XRP itself is NEVER a security. “ Page 15: "XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’…
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Today, the Court decided that our SEC case will move forward on most of the claims, but dismissed the claims against Coinbase Wallet. We were prepared for this, and we look forward to uncovering more about the SEC’s internal views and discussions on crypto regulation. 1/6
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Earlier tonight the Third Circuit issued a short order in Coinbase’s mandamus action today. The court noted the SEC’s suit against us this morning and asked the SEC whether that means the SEC has decided to deny our pending petition for rulemaking. The SEC has 7 days to respond.
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Today the SEC denied Coinbase’s petition for rules for crypto. After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we'll again seek its help by challenging the SEC’s abdication of its duty. 🧵⬇️
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Sigh... again with the ETH misinformation as we await a decision on ETH ETPs. Ok--let’s talk about some basic facts about Ethereum. Millions of Americans hold ETH; it has been vital to crypto since its 2015 launch; and ETH is a commodity, not a security. 1/10
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Today,
@coinbase
filed our brief asking the Court to dismiss the SEC’s case against us. Our core argument is simple — we do not offer "investment contracts" as that term has been construed by decades of Supreme Court and other binding precedent. 1/3
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Today, Coinbase is sharing our response to the SEC’s Wells notice from last month. 1/7
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Tomorrow I will be testifying on Capitol Hill before the House Committee on Agriculture on the need for clear crypto rules and the Digital Asset Market Structure Discussion Draft. Read a summary of my testimony here/below:
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After Coinbase gave notice of it intent to move to throw out their case, we consented to a few extra days for the SEC to explain why it intends to oppose. They’ve now filed and, sadly, it’s more of the same. 1/6
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In just 60-something words, SEC Commissioner
@HesterPeirce
has managed to articulate all that hits awfully close to home. Thank you.
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I know ETH is a commodity. You know ETH is a commodity. The CFTC knows ETH is a commodity. It's time for the SEC to admit that it still knows ETH is a commodity too. No more games. Thank you to
@Consensys
for standing up against the SEC's unlawful expansion of authority.
Today, Consensys filed a lawsuit against the Securities and Exchange Commission.
The goal behind this is to ensure that Ethereum remains a vibrant and indispensable blockchain platform and to preserve access for the countless developers, market participants, and institutions…
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Today the SEC responded to Coinbase’s petition for a writ of mandamus — asking the court to require the SEC to respond just yes or no to whether it will undertake rulemaking for our industry. The SEC’s answer? A resounding maybe. 1/7
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We couldn't wait until our deadline next week to address the SEC's response to the June 6 order from the Third Circuit. It is unusual for the government to defy a direct question from a federal court. But the SEC’s evasive response goes further, as we set out today. 1/5
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The Third Circuit just ruled that it will retain jurisdiction over our challenge to the SEC's inaction on our petition for basic rules for crypto. A further report is due in 120 days. We are grateful that the Court will continue to shine a bright light on an SEC process that…
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1. Hearing on motion to seize Binance assets in DDC;
2. Release of Hinman docs in SDNY;
3. SEC response to order on
@Coinbase
petition in 3rd Cir.
Not every federal court day is eventful in crypto, but tomorrow is. May God bless the US Courts.
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"The regulatory gap." Proof from the Hinman emails of what we've been saying to the Third Circuit, to Congress and to the SEC itself: that the securities laws are incomplete when it comes digital assets, that securities law aren’t meant to rule over all digital assets, and that…
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1/3 Promise made, promise kept: we are now on file with Third Circuit to challenge the SEC's arbitrary and capricious denial of our petition for crypto rulemaking. We again appreciate the Court's consideration.
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A few months ago, Coinbase backed a legal challenge to sanctions imposed by the US govt against Tornado Cash. Today the plaintiffs filed a motion for summary judgment, asking the court to reopen TC for all. Their arguments are simple but powerful. 1/10
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A security can apparently also be a commodity, except when it's not. And it depends on which regulator you ask, and when. If you're confused, you are not alone. Is this really the best American law has to offer?
In the lawsuit filed today, CFTC vs Binance Holdings and CZ, The CFTC clearly states that $BTC, $ETH and $LTC are all commodities.
Interesting battle happening at the regulator level.
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We appreciate the Second Circuit confirming today what is clear under the federal securities law: there's no private liability for the secondary trading of digital assets on exchanges like Coinbase. Why? Because contracts matter. 1/2
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This is a big deal. But keep in mind this almost didn’t happen. 1/3
ETFs: a new way to access crypto.
Coming to a financial institution near you.
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A few minutes ago, the SEC filed its response to the last week's Third Circuit. You can read it for yourself below together with my own initial read of it. 1/5
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The SEC is required by law to respond to petitions “within a reasonable time,” but they have not yet responded to our petition from last July, which is why we filed our action in court today. 2/4
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SEC Commissioners Peirce and Uyeda: "This scene is by no means hypothetical."
No. No it is not. I have the receipts.
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The Third Circuit just issued a text-only order directing the SEC to file a response to our mandamus petition within 10 days (and gave us 7 days for a reply). Here’s the text of the order:
TEXT ONLY ORDER (Clerk) At the direction of the Court, Respondent is ordered to file an…
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The crypto industry, and its users need clear laws and rules to follow that are built for a new technology. Enforcement actions based in inapplicable securities law aren’t the answer. 4/4
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We have responded to the SEC’s statement of intent to move to strike Coinbase’s defenses rooted in the major questions doctrine, abuse of discretion, equitable estoppel, unclean hands, and laches. We look forward to addressing the Court tomorrow morning.
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Sometimes you have to laugh or else you'll cry. Question: how can you square the
@SECGov
's claim that
@Uniswap
acts as a broker with the Court's ruling against the
@SECGov
just a handful of days ago? Answer: you can't.
1/ Today’s Wells notice against
@Uniswap
is disappointing, but is not unexpected from this SEC
It’s another abuse of power – unsurprising from an SEC that:
Last month, a federal judge ruled committed a "gross abuse of power" by lying in court about a crypto project
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Everyone committed to the rule of law should read J. Wiles' Voyager decision. These are remarkable statements from a federal court with no skin in the game other than calling things as they are.🧵⬇️ /www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
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We should all be grateful to
@Grayscale
for pushing back against the SEC’s arbitrary and capricious behavior, and clearing the way to get these spot BTC ETFs over the finish line. And of course to the DC Circuit, for affirming that the rule of law must prevail over politics. 2/3
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Respectfully Senators, the evidence points exactly the opposite way. We have discussed our analysis with SEC staff and would be happy to do the same for you and any other policy makers who have questions. 1/7
🚨NEW: Rhode Island Senator
@SenJackReed
and California Senator
@Senlaphonza
have penned a letter to
@GaryGensler
asking for the agency to step in to ensure broker-dealers are giving investors the proper disclosures around the $BTC ETFs (which they say should be properly referred…
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Coinbase is proud to engage with Celsius to distribute crypto back to its customers. I wonder, why would the SEC object to a trusted US public company taking on this role? We look forward to addressing this with the bankruptcy court and undertaking our important role to make…
🔸SEC Raises Concerns On Coinbase's Role In Celsius Network Bankruptcy Restructuring
The Securities and Exchange Commission filed papers raising objections to crypto firm Celsius Network's plan to distribute digital assets to customers as part of a reorganization plan through…
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Today
@coinbase
filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. Tl;dr: the SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act. 1/7
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I’m watching the
@binance
news, too. While we wait for a DOJ announcement, a reminder: crypto isn’t going anywhere. But to create a thriving cryptoeconomy in the US, we need clear, sensible regulation so American consumers have access to secure domestic crypto services. 1/4
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We received this letter from FinCEN congratulating
@coinbase
on our substantial contributions to one of seven significant criminal cases to receive the FinCEN Director's Law Enforcement Award. We appreciate this recognition of our commitment to weeding out bad actors in whatever…
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It's obvious that there’s a lack of clarity among our regulators regarding crypto, as even the chair of the SEC has declined to say which crypto assets are securities. 3/4
Gary Gensler, the chair of the SEC, was interviewed in Congress this week.
Here is a clip of him and Representative McHenry arguing on whether Ethereum, $ETH, is a commodity or a security, with Gary seemingly unable to answer the question.
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Over the past 9 months, CB has met with the SEC more than 30 times, sharing details of our business to build a path to registration. During this time, the SEC hasn't given basically 0 feedback on what to change, or how to register. Instead, today we received a Wells notice. 2/15
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Earlier today,
@coinbase
asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3
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@secgov
has made a number of misinformed assertions about staking over the past few days, and asked a number of misguided questions. Let's set the record straight point by point--there's a lot of FUD to cover.
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Today
@coinbase
responded to
@SECGov
's request for comment on the proposed
@Grayscale
Ether Trust ($ETHE) ETP. 27 pages and 96 citations that provide the (1) legal, (2) technical, and (3) economic rationale for approval. 1/6
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So what happens next? We avail ourselves of the court system to finally start to get some clarity for the crypto industry in the U.S. Ironically, establishing some case law may be our best shot at getting the regulatory clarity that the industry deserves. 14/15
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These Senators are even more right than they know. After
@SECGov
secured a TRO against
@DebtBox
, it ordered
@coinbase
to freeze assets or risk sanctions ourselves. We now know that because the TRO was tainted by SEC misrepresentations, so too was this order. 1/5
U.S. senators question whether Chair
@GaryGensler
's
@SECGov
has botched other enforcement cases after its DEBT Box missteps were revealed.
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In the fog of war, journalistic mistakes happen. But the
@WSJ
's own source just rejected its reporting on illicit financing that alarmed dozens of members of Congress. It’s time for the WSJ to come clean and issue a retraction. 1/3
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"The Commission’s above-discussed conduct constitutes a gross abuse of the power entrusted to it by Congress and substantially undermined the integrity of these proceedings and the judicial process... The operation of the American judicial system rests on the fundamental…
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I’d vote for that ticket.
I nominate for Crypto Attorney of the Year 2023:
STU ALDEROTY and JOHN DEATON.
These two navigated Ripple and XRP holders through the eye of a legal needle.
This case could've gone bad in about 20 different ways. These two steered it through the storm. AMAZING!
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If we want to be taken seriously as a nation, we have to act seriously as a nation. This legislation would finally put the US into the global conversation on digital asset regulation. Congress should enact this without delay.
🚨BREAKING: The Financial Innovation and Technology for the 21st Century Act was introduced today by
@CongressmanGT
,
@RepFrenchHill
and
@RepDustyJohnson
.
The bill establishes a regulatory framework for digital assets.
Here is the full text 👇🏼
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A few thoughts on the DOJ’s decision not to pursue campaign finance charges against SBF. Tl;dr: I think it’s a mistake. 🧵⬇️
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It is hard to throw the rulebook at an entire economic sector when there is no rulebook and the people responsible for the rulebook can't even agree themselves what the rulebook should say – even as we have asked for a rulebook. 13/15
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Yesterday we filed a comment letter on the
@SECGov
proposed rule that seeks to expand the definition of exchange to include DEXs. Tl; dr: this proposal should NOT be adopted, and certainly not before completing the threshold steps for any rulemaking. 1/11
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Don't want to read our entire 78-page brief in our Third Circuit suit against the SEC? Just read this to understand how broken the Commission's approach has been.
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When CB filed to go public in 2021, our S1 described our business in much detail, including 57 references to staking and details on our asset listing process. The SEC approved us to go public, knowing those details. Now they have changed their mind on what is allowed. 3/15
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Mr. Deaton is exactly right. “Investment contracts” must include both “investment” and “contracts” as those terms are set out by Congress and interpreted by the Supreme Court. Neither is present when it comes to secondary sales of digital assets.
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The truth is that today there is no clear rule book from the SEC on crypto, and efforts to engage with the SEC are met with silence or enforcement actions. They have not followed a good faith rulemaking process with industry, as required under the APA. 10/15
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There’s never been a serious question that assets on
@coinbase
are safe. We have more than $6B in the bank, are financially strong, and have legal and operational protections for customers to invest, access, and withdraw their crypto.
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We appreciate the Third Circuit’s careful attention to this issue. Some may dismiss this as a small or obscure request that we’ve made to the court. But it matters not just to our industry – this is core to the proper working of government agencies and the way they engage with…
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No question. Absolutely no question.
PSA for other crypto defendants-- check out footnote 20 where the Court makes it clear that the SEC’s theories (other than to Institutional Sales) are potentially very much subject to a Fair Notice defense. 👀
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"The Torres Doctrine." A remarkably cogent summary of Judge Torres' jurisprudence from Representative Torres. Thank you Congressman.
🚨 Needless to say, regulating digital assets through enforcement only had a dreadful day in court last week.
In the wake of the resounding decision out of the SDNY Ripple case,
@SECGov
must reassess its continued assault on the crypto industry.
My letter to Chair Gensler:
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1/7
This morning, Brian Armstrong shared why Coinbase is funding and supporting a challenge by six individuals (including two CB employees) against the Treasury Department and OFAC’s novel sanctions of open source software associated with Tornado Cash.
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You can see the Wells notice for yourself here – we welcome more clarity. 15/15
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I can't say enough how gratifying it is to get support from so many amici today. Thank you. I appreciate the effort behind these briefs, and can't wait to read every word. I know they will prove useful to the Court in understanding the legal errors of the SEC's ways. Links below.
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The SEC has no good reason to deny the ETH ETP applications. And we hope they won’t try to invent one by questioning the long established regulatory status of ETH, which the SEC has repeatedly endorsed. That’s not how the law works. And Americans deserve better. 10/10
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Yes sir. Yes sir it does.
The SEC/
@GaryGensler
are essentially claiming
@coinbase
is running an illegal business, yet the largest Asset Manager in the World and others are disclosing their intent to do business with this illegal business. It tells you all you need to know about what’s really going on.
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We are grateful to the Supreme Court for its careful review. Another example of why I believe in the American court system. The rule of law is sometime slow, and at times disappointing. But it remains our last, best hope in an imperfect democracy.
BREAKING: The US Supreme Court sided with a Coinbase unit in a ruling that reinforces the ability of companies to channel customer and employee disputes into arbitration
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This moment was years in the making. It's is a testament to Coinbase’s unwavering commitment to safeguard our customers. Put simply, at every juncture, Coinbase has invested the time and diligence required to align with regulators actually interested in ... regulating. 1/3
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Mr. Wright is not Satoshi. The Court has just ruled definitively and without qualification. We are grateful that the rule of law has again prevailed.
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Sorry to disappoint. This is all I could I find in the company pantry during a late night here in London.
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Even when giving us our Wells notice, the SEC wouldn’t specific assets giving them concern or what specific arguments that we’ve made on staking are wrong. Instead, we were simply told to consider the Chair’s generic statements. 12/15
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If only this were a parody… instead of a transcript.
SEC: Come in and register.
CB: We’d like to register.
SEC: You’re not allowed.
CB: Why not?
SEC: The rules are clear.
CB: The rules don’t make sense.
SEC: The rules are the rules.
CB: Can they be adapted?
SEC: Yes, but we don’t like your industry.
CB: But you've adapted rules…
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For comparison, over many years we have been able to successfully become a licensed and regulated crypto business in a number of other jurisdictions around the world, including Singapore, Ireland, Australia, and Germany. 6/15
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I’ve read, re-reread, and re-re-read the Major Questions Doctrine holding in Nebraska at p. 19-26. Swap out “Secretary” for “Chair,” “digital asset” for “student loans,” and there is no conclusion but one: the SEC’s interpretation of “investment contract” violates the law. 1/3
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In 2018, we acquired two broker dealer licenses in an effort to become regulated by the SEC. These licenses are currently dormant, and we have been unable to activate them with the SEC for digital asset securities. 4/15
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We've also been able to successfully become regulated by another U.S. federal regulator, obtaining our DCM and DCO license from the CFTC. And by many U.S. state regulators. The SEC remains a sole outlier here. 7/15
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The entire
@coinbase
team offers its help. We are committed to doing our part to ensure fair, orderly and efficient markets for all Americans.
hey
@GaryGensler
and
@SECGov
, serious offer: as a crypto exchange we've had a lot of experience with security protocols around social media, and as a veteran and patriot I love to help my country. If you'd like any suggestions feel free to reach out.
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Shot: A 9-0 Supreme Court win today for a traceability requirement for Section 11 claims.
Chaser: a 9-0 Supreme Court warning to agencies and others that the federal securities laws are not just whatever they want them to be— limits imposed by Congress matter.
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Last July, we filed a petition with the SEC, calling for more regulatory clarity. We have yet to receive a response to our petition. 5/15
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I get it. It can be hard to see crypto in tangible terms. So consider this: cryptocurrencies can greatly cut the cost of sending money internationally by about 96.7% vs. the current system. Sending Bitcoin to another wallet costs an average of $1.50 per transaction, and Ethereum…
People in the US spend over $12B/year in fees to send money abroad, yet the process for international transfers is shockingly slow and expensive. Crypto transfers are significantly faster and +96% cheaper, relieving the burden of supporting those abroad.
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Mr. Wright's "settlement" offer is a disgrace. We reject it and will continue our defense of the innocent developers he has targeted. I thought it important to explain why.
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3-0. Judge Rao writing for the panel. I’ll say it again— they are not perfect but when it comes to protecting the rule of law, the courts remain our last, best hope .
Yep. Judge Rao has been extremely consistent in her jurisprudence. But all eyes should focus on Chief Judge Srinivasan -- he's the key vote.
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I've had three calls in the last two days with my bank to confirm a simple ACH. And it still hasn't happened. Tell me again why stablecoin payments are just a solution in search of a problem?
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If the SEC’s answer to our petition for rulemaking is “no,” then they are required by law to tell us, because we have the legal right to question that “no” in court. And there are serious questions to be asked.
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1/ This is barely a correction. When your source maintains “there is no evidence” to support the
@WSJ
assertions, saying "the PIJ may have used crypto” isn’t just inaccurate, it's unacceptable.
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We appreciate the opportunity to present our case and we thank the Court for its careful consideration. 4/4
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Powerful. Especially in highlighting the hypocrisy of claiming a controlling issue of law, when they told the Court precisely the opposite, repeatedly. "See ECF No. 837 at 6 ('Whether or not a particular transaction involves the offer and sale of a security . . . will depend on…
#XRPCommunity
#SECGov
v.
#Ripple
#XRP
BREAKING: Ripple files it’s opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal.
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At times, the SEC and CFTC don't agree on the definition of a commodity or a security. For instance, the CFTC chair has said Ethereum was a commodity, while the SEC chair has hinted Ethereum might be a security. 11/15
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While claiming to “regret” its “errors,” the very same agency’s Chair on the very same day is again browbeating an entire American industry. There is no humility, reflection or restraint. Why should any judge or taxpayer have any faith in this “regret”?
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