SEC member: Withdrawal of Coinbase does not mean that the SEC has given up law enforcement. In the future, supervision will focus on policy formulation.

PANews February 28th news, US Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce issued a statement saying that the SEC has officially withdrawn its civil enforcement lawsuit against Coinbase and said it will not take further action on the case. Peirce made it clear that she never supported the case and criticized the previous SEC's reliance on law enforcement actions to regulate the crypto industry, believing that it has harmed the public interest of the U.S., hindered the industry and hindered the normal function of the SEC's professional policy team.

Peirce pointed out that the SEC's wide application of Howey tests has led to unclear supervision, making it difficult for compliant companies to operate, while criminals use vague regulatory areas to evade legal liability. Furthermore, due to the lack of a clear regulatory framework, many crypto companies are forced to spend a lot of resources on legal responses rather than product innovation. She believes that the SEC's previous practice of formulating policies through law enforcement not only misleads the industry, but also prevents the policy team from effectively participating in the formulation of industry rules.

She stressed that the SEC has established a "Crypto Task Force" to give policy teams the leadership and cooperate with the public to develop a regulatory framework suitable for the crypto industry. The withdrawal of the lawsuit does not mean that the SEC abandons law enforcement, but rather indicates that future regulation will focus on policy making rather than relying solely on law enforcement actions.