Coinbase's top lawyer, Paul Grewal, is wrangling other crypto companies to buck back against what he sees as the SEC's heavy-handed tactics. Grewal is particularly riled by the SEC's recent actions in the Debt Box case, where the Commission allegedly strayed from its own protocol for notifying companies about potential security violations.

Grewal's rallying cry goes out to Binance, Ripple, Uniswap, Kraken, and Robinhood – all crypto outfits who've been on the receiving end of the SEC's "Wells Notices." These notices typically spell out potential charges, but according to Grewal, the explanations from the SEC have been foggy at best. He accuses the Commission of "gaslighting" these companies, essentially manipulating them through ambiguity.

Coinbase itself is locked in a legal battle with the SEC, with the agency claiming the exchange offered unregistered securities. This ongoing dispute adds fuel to Grewal's fire, making him question the SEC's overall fairness towards the crypto industry.

Grewal isn't alone in his skepticism. A Utah judge recently slammed the SEC for its handling of the Debt Box case, calling it an "abuse of power." Others, like Variant Fund's legal chief Jake Chervinsk, are accusing the SEC of wielding Wells Notices as a scare tactic, overwhelming companies with threats of litigation.

The question remains: will Grewal's call to action lead to a united crypto front against the SEC? Only time will tell if the industry can wrangle the regulator and bring more transparency to the digital corral.