Coinbase CEO is Ready to Face SEC, and is Confident in Facts and Law
- Coinbase CEO Brian Armstrong stated that his company is ready to face the lawsuit filed by the SEC on June 6.
- He noted that the lawsuit will finally result in some clarity around crypto regulatory policies in the US.
- The SEC named 13 cryptocurrencies in its lawsuit that it considers securities, including MATIC, SOL, FIL, and ADA.
- The executive said that the lawsuit is “exclusively focused on what is or is not a security.”
Coinbase, the largest crypto exchange in the United States, was recently sued by the US Securities and Exchange Commission along with the world’s largest crypto exchange, Binance, and its US entity, Binance.US and CEO Changpeng Zhao. The entire crypto community is talking about this series of legal actions taken by the US securities regulator.
The CEO of Coinbase, Brian Armstrong, was quick to comment on the situation and said that he and his firm are ready to face the SEC in court. In a post on the social media platform Twitter, Armstrong stated that this action taken by the agency will finally result in “some clarity around crypto rules” in court. It is important to mention here that the crypto exchange was the first to be publicly listed on the NASDAQ.
As reported previously by Bitnation, the SEC sued Coinbase on June 6, alleging that the crypto company has been operating as a securities exchange, clearinghouse, and broker-dealer without registering its services with the regulator. The agency stated in the lawsuit that around 13 cryptocurrencies sold by the exchange are considered tecurities by iit,including Polygon (MATIC), Solana (SOL), Cardano (ADA), and Filecoin (FIL).
Armstrong added that the lawsuit filed against his company is very “different from others out there,” as it is “exclusively focused on what is or is not a security.”
The Coinbase executive stated that his team is “confident in our facts and the law” while claiming that the US government cannot agree with itself as to which blockchain-based digital asset is a security. He also referred to the SEC and CFTC (Commodity Futures Trading Commission) making conflicting statements regarding the status of ether (ETH) as a security or a commodity.
Armstrong added that he hopes that the lawsuit filed by the SEC against his firm will finally result in clear crypto compliance in the United States. He noted that his company’s previous efforts to get registered with the SEC and comply with its policies failed.
“Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it,” Armstrong noted.