Coinbase vermeldt geen effecten, claim van Execs in reactie op de Wells-kennisgeving van SEC

• De Chief Legal Officer van Coinbase, Paul Grewal, zei dat het bereid is om te voldoen aan de regelgeving, maar dat er geen duidelijke richtlijnen zijn om naar te handelen.
• He said in a video response to SEC’s Wells Notice to Coinbase that its “core commitment to regulatory compliance has never wavered.”
• Grewal said that his company’s business model hasn’t changed in over two years since the crypto exchange went public on Nasdaq in 2021. 
• The executive believes that the recent shift in the SEC’s overview of crypto can be attributed to the multi-billion-dollar ineenstorting van cryptobedrijf FTX.

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Coinbase, the only publicly-listed crypto exchange in the United States, has come under heavy scrutiny from the US Securities and Exchange Commission (SEC) after the regulator issued a Wells Notice to the company, stating that the exchange is listing securities and providing exposure to “investment contracts” to American investors. On the other hand, the exchange said that it is willing to comply with regulations, but there are no clear guidelines to act on. 

De CEO en Chief Legal Officer van Coinbase, Brian Armstrong en Paul Grewal, hebben een publiek uitgegeven antwoord op de aantijgingen van de SEC die worden genoemd in de Wells Notice die eerder dit jaar aan de beurs is uitgegeven. De toezichthouder verklaarde in de kennisgeving dat het mogelijk handhavingsmaatregelen moet nemen tegen de crypto-exchange.

Grewal said in the video that was addressed to the chair and commissioners of the SEC that “Coinbase’s core commitment to regulatory compliance has never wavered.” Around the same time as the video was published, Grewal was talking to an audience in Austin at Consensus 2023 regarding the Wells notice.

“We are literally sitting up here on stage asking for regulation, asking for rules, asking for a framework that makes sense for our particular technology so that we can be registered,” said the Chief Legal Officer of Coinbase. 

Grewal also added in the video that his company’s business model hasn’t changed in over two years since the crypto exchange went public on Nasdaq in 2021. The Coinbase executive stated that at the time “the SEC’s position appeared to be that the SEC lacked statutory authority to regulate businesses like Coinbase.”

The executive believes that the new outlook that the SEC has on crypto is because of the implosion of the former multi-billion dollar crypto exchange FTX under the leadership of Sam Bankman-Fried, also known as SBF in the crypto space. Grewal added that FTX was “entirely dissimilar” to Coinbase.  

He also noted that Coinbase is already a regulated exchange in the United States and has been provided a “BitLicense” in New York, which prevents it from listing securities. Additionally, the executive pointed out that his company believes that “legislation or rulemaking is needed if the SEC wants to expand its oversight over our industry.”

“We still do not know exactly what it is that we do that is of concern to the SEC,” noted Grewal. “We are committed to working within the regulatory perimeter.”

Zoals eerder gemeld door Bitnation, Coinbase heeft een rechtszaak aangespannen bij een federale rechtbank in de Verenigde Staten earlier this month in an attempt to “force” the SEC to respond to the petition that was submitted by the crypto exchange in July 2022. The petition asked the regulator to set up a regulatory framework for the crypto exchanges in the country to work with. 

Coinbase stated in the petition that “appropriately tailored regulation is essential to encouraging capital formation in the digital asset industry, protecting digital asset customers and investors, and facilitating the wider adoption of digital asset technology.”

Terwijl defending the company’s staking services eerder dit jaar zei Grewal dat ze niet als effecten kunnen worden geclassificeerd omdat de beloningen niet worden bepaald door de uitwisseling, maar door het blockchain-protocol waarin de klanten investeren en tokens inzetten. 

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