• Coinbase, a crypto exchange based in San Francisco, has responded to the Wells notice it received from the U.S. Securities and Exchange Commission (SEC) back in March.
• The company believes that the regulator’s enforcement actions are contrary to its approval of Coinbase’s public listing via its S-1 filing.
• Coinbase CEO Brian Armstrong reaffirmed the firm’s commitment to creating innovative products that promote economic freedom and defending itself against any action taken by the SEC.
Coinbase Receives Wells Notice from SEC
On April 27, Coinbase, a crypto exchange based in San Francisco, made public the disclosure of its response to the Wells notice it had received from the U.S. Securities and Exchange Commission (SEC) back in March.
SEC Allegedly Changing Attitude Towards Core Businesses
Coinbase maintained that the regulatory body’s enforcement actions were in direct contrast to the agency’s previous approval of the firm’s public listing via its S-1 filing. According to Coinbase’s response, if the Commission believed at that time that their core business violated securities law then they should have prevented their S-1 filing from becoming effective.
Coinbase Rejects SEC’s Enforcement Actions
The company further stated that they reject all charges laid out by the SEC and believe them to be flawed and untested legal theories. Moreover, Coinbase believes investors stand to lose more than anything due to this sudden change of attitude by regulators towards their core businesses.
Coinbase CEO Reaffirms Commitment
Brian Armstrong reasserted his company’s commitment toward creating innovative products which would promote economic freedom while standing up for rule of law against any action taken by regulators such as SEC .
In conclusion, Coinbase has rejected all charges laid out by SEC while also reaffirming their commitment towards building innovative products which promote economic freedom around world while upholding rule of law against any regulator action taken against it .