PANews reported on February 28 that Caroline Crenshaw, a member of the U.S. Securities and Exchange Commission (SEC) and a crypto skeptic, wrote on the SEC's official website: "Today, the Commission asked the court to withdraw its enforcement action against the cryptocurrency trading platform Coinbase. This change of position midway, coupled with the recent suspension of other high-profile lawsuits, is not only unprecedented, but also ignores the legal principles established over 80 years. We claim that the withdrawal of the action is because in the future, recommendations may be made by the "Crypto Working Group dedicated to helping the Commission develop a regulatory framework for crypto assets." But no matter what the future law is, market participants should not escape the constraints of existing laws. Before the law is clear, we already have an existing framework that should be applied and enforced equally to all participants. Today's action not only did not bring clarity, but created more questions: What exactly is the law applicable to crypto assets? ... Today's action undermines the credibility of our law enforcement agencies. It makes people wonder whether agencies will deploy law enforcement resources based on election cycles or in favor of those with resources. This has sparked criticism of the politicization of our agencies and sowed distrust of the government."
Earlier today, it was reported that the U.S. SEC has officially withdrawn its civil enforcement lawsuit against Coinbase and stated that it will not take further action on the case .
