The U.S. Securities and Exchange Commission (SEC) has intensified its scrutiny of major cryptocurrency exchanges, particularly Coinbase and Ripple. Coinbase has petitioned the SEC to create new rules specifically tailored for crypto assets, citing difficulties in compliance with existing regulations. In response, the SEC has criticized Coinbase's questioning of the Howey Test and accused the exchange of attempting a 'power grab.' The SEC's recent memorandum argues that Judge Katherine Polk Failla's March order, which found that Coinbase offered securities, should stand. Additionally, the SEC has challenged Ripple's proposed operational changes in the XRP case, citing concerns over historical activities and potential future breaches. Coinbase's Chief Legal Officer, Paul Grewal, has criticized the SEC for not following its typical Wells Notice process in the case against Debt Box. Mark Cuban has also criticized the SEC, stating that the agency 'didn't learn shit' from the Mt. Gox incident and that they still believe 'the mere process of registration protects investors.'