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Coinbase's CEO responds to the SEC's lawsuit, saying the team is "confident" about the facts and the law

Published on

June 6, 2023
Read Time:2 Minute, 42 Second

Coinbase CEO Brian Armstrong has publicly responded to the Securities and Alternate Fee (SEC) lawsuit in opposition to his firm. specification in a tweet that the group "is assured in our details and the legislation" and welcomes the prospect to "lastly get readability on crypto guidelines in court docket."

As for right this moment's SEC criticism in opposition to us, we're proud to characterize the business in court docket to lastly convey readability to crypto guidelines.

Bear in mind:
1. The SEC reviewed our enterprise and allowed us to develop into a public firm in 2021.
2. There isn't any option to "are available in and..."

— Brian Armstrong ️ (@brian_armstrong) June 6, 2023

The SEC filed a lawsuit in opposition to crypto alternate Coinbase on June 6, alleging that the corporate operated a securities alternate, broker-dealer, and clearing home with out registering with the fee. In its submitting, it argued that 13 totally different cryptocurrencies bought by Coinbase met the definition of securities, together with Cardano (ADA), Solana (SOL), Polygon (MATIC), Filecoin (FIL), and others.

In his Twitter response, Armstrong claimed that the lawsuit in opposition to Coinbase is "fairly totally different from others on the market" in that it "focuses solely on what's and is not a safety." This provides the group "belief in our details and the legislation". He claimed that the US authorities could not even agree with itself on which cryptocurrencies are securities, like "the SEC and the CFTC." [Commodity Futures Trading Commission] have made contradictory statements.”

Armstrong expressed hope that the court docket case will permit crypto exchanges to “lastly” acquire readability on the best way to adjust to securities legal guidelines. He additionally hailed current makes an attempt by Congress to move crypto legal guidelines, stating, "Because of this the US Congress is introducing new laws to enhance the scenario."

Associated: Coinbase has been focused by state safety businesses concurrently the SEC lawsuit

Armstrong's response is the most recent in a sequence of authorized filings and public statements between the alternate and the SEC since March.

Coinbase acquired a Wells submitting from the SEC on March 22, saying the regulator might take enforcement motion. In response, the alternate issued a press release from her authorized group on April 19, alleging that the SEC's potential enforcement "just isn't supported by the legislation or inside the powers of the Fee."

A discover from Wells won't provoke a authorized continuing. Its sole objective is to inform an organization of a attainable lawsuit.

On April 25, Coinbase's authorized division went on the offensive, submitting a pre-emptive lawsuit in opposition to the Securities and Alternate Fee. The lawsuit alleged that the SEC failed to offer well timed, clear guidelines for crypto exchanges, together with guidelines distinguishing between cryptocurrencies which are and aren't securities. The SEC responded with a movement to dismiss on Might 5, and Coinbase filed a Mandamus Response on Might 23 in help of its lawsuit in opposition to the SEC.

Since Coinbase filed a lawsuit in opposition to the SEC on April 25, and the SEC filed a lawsuit in opposition to Coinbase on June 6, each organizations at the moment are locked in two separate lawsuits in opposition to one another.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 6, 2023
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