Coinbase Chief Legal Officer Urges Gary Gensler to Stop Misclassifying Crypto Tokens as Securities

Coinbase Chief Legal Officer Paul Grewal recently called out US SEC Chairman Gary Gensler on platform X, demanding that he stop misrepresenting cryptocurrencies as securities.

Previously, after sending a Wells notice to Robinhood, Gensler stated that many cryptocurrencies are securities under the law, but investors have not received the required or necessary disclosures. In response to this statement, Grewal said, "Please stop misleading the market - tokens are not securities. Regardless of how they argue, your lawyers have already admitted this in court."

Gensler recently emphasized that although cryptocurrencies only account for a small portion of the entire financial market, their disproportionate growth in fraud and deception is due to their failure to comply with securities laws. He also stressed the need for appropriate disclosures in the cryptocurrency field, particularly in tokens classified as securities, and believes that investors have not received sufficient information disclosure. (Bitcoin.com)