Coinbase chief legal officer urges SEC chairman to stop misclassifying crypto tokens as securities

ChainCatcher news, according to Bitcoin.com, Coinbase Chief Legal Officer Paul Grewal recently called on the US SEC Chairman Gary Gensler on the social media platform, asking him to stop mischaracterizing crypto tokens as securities.

This request was in response to Gensler's remarks, which emphasized: "According to the interpretation of the US Supreme Court, many of these tokens are legally securities. We follow this law." In response, Grewal said: Please stop misleading the market-tokens are not securities. Although their request was ignored, your own lawyers have admitted this in court.

Gensler recently emphasized that although cryptocurrencies account for only a small part of the entire financial market, they have disproportionately contributed to fraud and fraud due to non-compliance with securities laws. He also emphasized the need for proper disclosure in the crypto field, especially in terms of tokens classified as securities, and believed that investors have not received adequate disclosure of information.