Coinbase has issued a fiery response to the U.S. Securities and Exchange Commission’s (SEC) Wells Notice last month: Enforcement actions against the cryptocurrency exchange would pose “significant procedural risks” to the SEC and would “fail.”
Paul Grewal, chief legal officer at Coinbase, said the SEC’s analysis of staff proved that the enforcement action “appears to be based on superficial and inaccurate analogies of products and services provided by others.” Grewal believes that when Coinbase went public, it discussed various aspects of the business with the SEC, and nothing has changed.
The SEC told Coinbase in a March notice that its spot trading, staking, custody and institutional trading businesses were at risk. The SEC accused Coinbase of violating federal law by issuing and selling unregistered securities. If the SEC succeeds, it could force Coinbase to shut down these divisions.
As previously reported, Coinbase had asked the SEC to provide clearer "regulatory guidance." (CNBC) #Web3 #bitcoin #bicasso #ETH2.0
