Legal experts underestimate the initiative of exchanges to classify cryptocurrencies. Coinbase's legal adviser, Brian Brooks, responds that this is not a consultation.
Coinbase lawyer argues the decision of the exchanges
Participants of the cryptocurrency market and legal experts reacted negatively to the decision of the exchanges to create a Crypto Rating Council. The purpose of the advice is to find out if cryptocurrencies are related to the category of securities. Among the organizers of the council are Bittrex, Coinbase and Kraken.
Experts believe that the Cryptocurrency Rating Council will not influence the opinion of regulators. Experts also believe that because of the advice, some platforms will receive more information about new cryptocurrencies, while others will not.
Coinbase's legal adviser, Brian Brooks, responded that the board's initiators did not provide legal advice. He added that none of the rating participants will add real securities, because they will receive a fine.
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