Coinbase CLO Paul Grewal Stays Assured Amid SEC Shenanigans

• Paul Grewal tweeted that his fellow CLOs had been “the happiest, most upbeat group of individuals.”
• The Coinbase CLO declined to share particular details about the gathering he attended on the College of Chicago.
• Grewal criticized the SEC’s impractical proposal to incorporate DEX beneath its definition of exchanges.

Confronted with a combative regulator attempting to sue the US’ cryptocurrency business into oblivion, one could possibly be forgiven for imagining that prime attorneys at Coinbase and Binance will need to have been feeling the warmth this week. Not so, says Coinbase CLO Paul Grewal, who claimed {that a} June 15 assembly of CLOs on the College of Chicago was “actually the happiest, most upbeat group of individuals I’ve joined in a very long time.”

In a collection of tweets, Grewal remained tight-lipped about who was in attendance, citing the Chatham Home Rule, which forbids disclosure of such data. He did, nonetheless, thank the dean of the College of Chicago Regulation Faculty, and warranted his followers that “our most essential corporations are in very succesful authorized fingers.”

Grewal’s firm was sued by the Securities and Trade Fee (SEC) for allegedly working an unregistered securities alternate on June 6, the identical day he testified earlier than a Congressional committee, urging the federal government to supply a transparent set of laws for digital belongings.  

Whereas the SEC’s lawsuits progress, the Coinbase CLO continues to be a fierce advocate for crypto. On June fifteenth, he shared a response to the SEC’s proposal to quietly broaden the definition of exchanges to incorporate decentralized exchanges (DEX) with out notifying the general public beforehand. Grewal identified that this proposal violates the Administrative Process Act, as a result of it isn’t doable for a DEX to register as an alternate.

The SEC continued to tug its toes this week, flouting a federal court docket order that demanded a response to Coinbase’s long-standing petition for rulemaking. After ignoring the petition for a yr, the SEC was compelled to reply by a writ of mandamus filed by Coinbase. The SEC supplied that it had made no resolution relating to the petition, and was subsequently accused of being “borderline disrespectful” to the court docket.