![]() The SEC sent a Wells notice to stablecoin issuer Paxos in February. "If needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets." "We are prepared for this disappointing outcome and confident in the legality of our assets and services," Grewal said in a statement. At the direction of SEC chair Gary Gensler, the regulator has issued enforcement actions against multiple heavyweights, including Gemini, Genesis, TRON executive Justin Sun, Do Kwon, and crypto exchange Kraken. ![]() The company said that until the resolution of any legal processes, the exchange's offerings would continue to operate as usual.Ĭoinbase executives, including founder and CEO Brian Armstrong, have pushed back against perceived overreach by the SEC, which has moved aggressively against the crypto industry since the collapse of FTX. "Although we don't take this development lightly, we are very confident in the way we run our business – the same business we presented to the SEC in order for us to become a public company in 2021," Coinbase Chief Legal Officer Paul Grewal said in a blog post. It generally lays out the framework of the regulatory argument and offers the potentially accused an opportunity to rebut the SEC's claims.Ĭoinbase described the investigation as "cursory," and said the Wells notice provided relatively little information about potential violations. Months before the collapse of FTX in November, crypto markets were roiled by rising interest rates and a broad move out of risk, which contributed to the collapse of stablecoin Terra and the demise of crypto hedge fund Three Arrows Capital and exchanges Celsius and Voyager.Ī Wells notice is typically one of the final steps before the SEC formally issues charges. Reports first surfaced of an SEC probe into Coinbase in mid-2022. The SEC has ramped up its enforcement of the crypto industry, bearing down on companies and projects that the regulator alleges were hawking unregistered securities. "The potential civil action may seek injunctive relief, disgorgement, and civil penalties." "Based on discussions with the Staff, the Company believes these potential enforcement actions would relate to aspects of the Company's spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet," Coinbase said in a regulatory filing. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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