SEC's Warning Puts Coinbase in Hot Water
TL;DR
Coinbase CEO Brian Armstrong and other team members addressed the SEC's Wells Notice in a Twitter space, stating that the company has had over 30 meetings with the SEC in the last 9 months and spent millions in legal fees. The forum did not allow for questions. Coinbase received the Wells Notice on Wednesday, which identified potential violations of securities law. The company's chief legal officer, Paul Grewal, stated that Coinbase will continue operating as usual and argued that the Wells Notice doesn't provide enough information for the exchange to respond to. After the news of the Wells Notice, Coinbase stock dropped 16%.
- Coinbase CEO takes to Twitter to highlight work with SEC before regulatory warning MarketWatch
- Coinbase: The cryptocurrency exchange warned by the SEC of potential securities charges CNBC Television
- 'Can't get their act together': Crypto firms slam SEC, Washington for lack of clarity on rules CNBC
- The SEC Is Coming for Coinbase - Bloomberg Bloomberg
- Coinbase and Algorand give divergent reasons for staking reward suspension Cointelegraph
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