Coinbase’s legal officer & CEO once again talked about the SEC’s Wells notice and confirmed that the exchange will remain focused to follow all the existing rules & regulation framework.
Coinbase is a US-based popular crypto exchange. In March of this year, the United States Securities and Exchange Commission (SEC) body sent a Wells Notice to this Crypto company over unregistered securities offerings & crypto staking. So far the SEC agency hasn’t initiated any charge or enforcement action against this crypto firm but we can’t predict the near future.
On 28 April 2023, Coinbase chief legal officer Paul Grewal & CEO Brian Armstrong responded to SEC’s Wells notice, through a video published on the YouTube channel Coinbase.
First of all Coinbase executives noted that there are no clear rules on the crypto sector and also the US Government is taking steps to design & bring regulation structure, so SEC’s Wells notice was unnecessary but still Coinbase exchange will remain focused to follow the existing traditional rules & regulation system.
“We are committed to working within the regulatory perimeter, and we want to see a clear market structure for trading crypto securities.
Coinbase CEO explained his their personal opinion on the nature of crypto assets and said that not all Crypto assets are securities & also not all Crypto assets are commodities, there is a need for a proper regulation system.
Further Armstrong said that exchange is going to work with multiple regulatory bodies to make this innovative sector safe & trusted.
Alongside Coinbase CEO’s views, Grewal said that Coinbase always followed rules not to list securities assets and also confirmed that the exchange already rejected listing applications for more than 90% of crypto assets, which were against Coinbase’s listing criteria.
SEC chairman on crypto regulation
Under the leadership of Gary Gensler, chairman of the US SEC body, the SEC agency took several enforcement actions against Crypto companies.
In Q1 2023, this regulatory body targeted top regulated crypto companies but failed to explain the proper reason behind enforcement actions.
Recently SEC chairman said that existing securities law is enough to categorise the crypto assets and laws are clear enough.