Connect with us

Hi, what are you looking for?

BUSINESS

Coinbase denies U.S. regulator’s crypto rule violation.

Coinbase logo displayed on a phone screen and representation of Bitcoin are seen in this illustration photo taken in Krakow, Poland on April 15, 2021 (Photo by Jakub Porzycki/NurPhoto via Getty Images)

On Thursday, Coinbase Global (COIN.O) told the U.S. Securities and Exchange Commission that it had not infringed any securities laws in response to a lawsuit threat.

In a Thursday SEC statement, Coinbase CEO Brian Armstrong and Chief Legal Officer Paul Grewal claimed the crypto exchange would want to list securities. Still, they would not feel comfortable due to regulatory uncertainties.

“Coinbase does not list securities,” Grewal stated. In addition, Coinbase received a Wells notice from the SEC last month.

SEC spokespersons said the agency does not comment on investigations.

The event is the latest example of rising tensions between the crypto sector and the SEC, which believes many digital assets are securities operating unlawfully outside its control. As a result, the SEC has aggressively targeted crypto company intermediates for noncompliance.

“No law or regulation authorizes the SEC to charge Coinbase for the alleged violations in the Wells notice,” Coinbase’s Grewal stated, citing the SEC Chair’s apparent shift. “We are on the brink of a fight that doesn’t need to happen, and frankly shouldn’t happen.”

Gensler, the SEC chair, has advocated for increased regulation of crypto’s “Wild West” and registration of digital asset securities businesses.

Coinbase has asked a federal judge to force the SEC to announce new digital asset guidelines. In an interview, Coinbase’s deputy general counsel, Katherine Minarik, said the company would develop internationally as required.

“We are going to leave no stone unturned to push for regulatory clarity here,” Minarik added.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.
SUBSCRIBE

You May Also Like

APPS

Welcome to the Ephemeral Posts of Threads! Platforms are always experimenting with new features to increase user engagement and pleasure as social media continues...

Video Games

The much anticipated “Stray” is finally coming to the Nintendo Switch. Since its announcement, this adventure game focused on cats has enthralled gamers; now,...

TRANSPORTATION

With the recent clearance to conduct passenger-carrying services in California, the Chinese robotaxi firm WeRide is taking autonomous transportation to the next level. With...

GAMING

An Overview of Marvel’s Competitors Players everywhere are becoming antsy for Marvel’s newest project, “Marvel’s Rivals.” Fans of the brand are waiting with bated...

SUBSCRIBE

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.