SEC issues wells notification against coinbase due to listing non -registered securities
SEC issues wells notification against coinbase due to listing non -registered securities
The Securities and Exchange Commission (SEC) prepares official enforcement measures against Coinbase-America's largest cryptocurrency exchange-due to the sale of non-registered securities.
The agency published a wells notice against the stock exchange on Wednesday, after a number of other studies and complaints against the competitors of Coinbase had been initiated in the past few months.
Coinbase against Sek
In a second submission, Coinbase said that the Wells Notice warned of violations of Federal Working Act, including the Securities Exchange Act from 1934 and the Securities Act from 1933.
Based on discussions with Sec-Camps, the company believes that the SEC has problems with the primary cashabout business of Coinbase, its staking service coinbase Earn, Coinbase Prime and Coinbase Wallet. Although a wells notice is not a guarantee of a lawsuit, it is a likely indicator of a lawsuit that can require "injunctive relief and civil law punishment". Paxos, the issuer behind the StableCoin Busd, received a Wells Notice last month due to violations of the securities law that are the parties still works . The SEC has warned Coinbase in the past before other intended products, examined The company via its listing process and punishes competing stock exchange tokrak to offer an almost identical crypto discount service. For this reason, Coinbase said that it was ready to take legal steps from the agency, and even welcomes this. "Although we understand that all this is part of the way to reform our financial system, we are legally correct, trust in the facts and welcome the opportunity for coinbase (and thus the broader crypto community) to come to court" tweeted CEO Brian Armstrong regarding the communication of Wells. Coinbase and his CEO have long believed that his company is conformity with securities laws, be it in relation to his asset lists or Style = "Font-Weight: 400"> Pick-up services
Difficulties in registration
Critics of the SEC claimed that the agency company has not offered a reasonable way to register its products to the Commission, even if you wish.
After kraken-CEO Jesse Powell was fined last month mocked The agency for the suggestion that the process is as simple as filling out a form on a website. Even a member of the Commission itself turned to the defense of industry, blow The enforcement of the SEC as "paternalistic and lazy".
The Chief Legal Officer from Coinbase, Paul Grewal, made similar statements regarding Coinbase in response to the communication of Wells.
"The SEC did not fundamentally give 0 feedback on what should be changed or how to register," he says called . "Instead, we received a communication from Wells today."
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