Coinbase Suits Up for Expected Showdown With SEC

  1. Coinbase assembles a ‘Crypto Dream Team’ of lawyers to face the SEC.
  2. The SEC seems to be harming US-based crypto companies as they try to protect investors.
  3. The crypto community finds itself placing its hope in Coinbase to save staking operations.

Coinbase is lawyering up to defend themselves against what they believe to be utterly false accusations from the SEC. Co-Founder and CEO of Coinbase, Brian Armstrong has made it clear that he intends to fight them to prove that Coinbase did not break any laws.

One of the most popular US-based cryptocurrency exchanges, Coinbsae, is currently the latest target of interest for the SEC. The US regulator is set on putting Coinbase in the hot seat for what they believe to be illegal activity. 

In detail, the SEC just shot Coinbase with a Wells notice which is often followed by an enforcement action. The SEC seems to be coming after Coinbase for allegedly listing untrusted assets and allowing staking. 

To this, Coinbase draws attention to how since its initial phases, the crypto exchange has been completely transparent with all its asset listing and staking plans. In fact, they made sure that all this was given the green light by the SEC before they began their operations. 

What’s more, Coinbase has repeatedly made sure to keep its communication channels with the SEC open. For instance, Coinbase has sent updates in their operations to the SEC to get the green light. Specifically in times of crypto regulation changes. Even then, the SEC refused to get back to them.

Armstrong says that Coinbase’s vetting system for listing assets is incredibly thorough. In particular, the assets they list are often only 10% of the total assets that request to list on Coinbase. The SEC has been trying its best to set fair crypto regulations to protect investors but it seems it is only harming the crypto community. 

In relation to this, the Reddit page CryptoCurrency is discussing Coinbase’s plan of action. In this specific thread, they highlight how the company has assembled the best lawyers they could find to form a ‘Crypto Dream Team’ of attorneys. 

To highlight, they are set to prove that staking is not a form of security and will prove that Coinbase is operating a completely legal staking program that is beneficial to all. While some responses say that Coinbase is doing this to protect themselves rather than the community, the fact still remains that their retaliation will decide the future of crypto staking in the US.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.