Coinbase, the world's second-largest cryptocurrency exchange, is advocating for regulatory clarity in the crypto industry while also facing legal battles of its own. The Securities and Exchange Commission (SEC) recently sued Coinbase for alleged securities law violations, and the company's chief legal officer, Paul Grewal, testified before Congress this week.

The SEC listed 13 cryptocurrencies as securities in the lawsuit against Coinbase, but the exchange has no plans to delist any of these assets. The legal process could take months or even years, but Coinbase is hopeful for a resolution and has also brought a separate case against the SEC to clarify its stance on a rule-making petition.