Coinbase has released significant documents obtained via a FOIA request, revealing the SEC's uncertainty regarding its regulatory stance on cryptocurrency, particularly Ethereum and XRP. New York Attorney General's office sought the SEC's opinion on whether Ethereum is a security as part of their case against KuCoin. Despite numerous enforcement actions, internal communications indicate a reluctance among SEC officials to clearly define crypto regulations. The documents show exchanges between the SEC and various state and federal agencies, highlighting a disconnect between rigorous legal pursuits and the agency's hesitation to establish clear guidelines. Notably, in correspondence with Ripple Labs, the SEC expressed concerns about XRP's compliance with securities laws, yet Ripple asserted its right to operate independently without SEC consultation. Overall, these records portray a complex landscape of crypto regulation in the U.S., marked by internal deliberations and external legal pressures.

Source 🔗