Regulatory uncertainty in the crypto industry is getting worse. Ironically, COIN argues in their blog that they have been asking the agency for clear regulation that they could follow. SEC Chairperson Gary Gensler has been extremely vocal in his views that cryptocurrencies are securities and should be subject to SEC regulation. Rest assured, Coinbase products and services continue to operate as usual - today’s news does not require any changes to our current products or services. We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets.
We are prepared for this disappointing outcome. Today, the SEC gave Coinbase a “Wells notice” regarding an undefined portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet after a cursory investigation. The company came out swinging after announcing the notice. The company claims they had met with the SEC over thirty times in the past nine months to resolve what I assume are a number of issues.
The company did not speculate and nothing was released in the notice. Very little detail was released about what comprised the potential violations of securities law. Enforcement actions (fines, settlements, ceasing of certain operations) often follow such events. Companies are allowed to respond to the notices and these responses can lead to negotiations between the company and the SEC. The agency issues these notices after it has finished an investigation into potential violation of securities laws. Paitoonpati The Update: Coinbase Gets a Wells NoticeĪfter the close on Wednesday (March 22) Coinbase ( NASDAQ: COIN) announced that it had received a Wells Noticefrom the SEC.
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