Coinbase CEO Brian Armstrong has responded publicly to the USA Securities and Alternate Fee (SEC) lawsuit in opposition to his firm, stating in a tweet that the group is “assured in our info and the regulation” and that it welcomes the possibility “to lastly get some readability round crypto guidelines” in court docket.
Concerning the SEC grievance in opposition to us right this moment, we’re proud to symbolize the business in court docket to lastly get some readability round crypto guidelines.
Bear in mind:
1. The SEC reviewed our enterprise and allowed us to change into a public firm in 2021.
2. There is no such thing as a path to “are available in and…— Brian Armstrong ️ (@brian_armstrong) June 6, 2023
The SEC filed swimsuit in opposition to crypto change Coinbase on June 6, alleging that the corporate has been working a securities change, broker-dealership and clearing home with out registering with the fee. In its submitting, it argued that 13 completely different cryptocurrencies offered by Coinbase match the definition of securities, together with Cardano (ADA), Solana (SOL), Polygon (MATIC), Filecoin (FIL) and others.
In his Twitter response, Armstrong claimed that the lawsuit in opposition to Coinbase is “very completely different from others on the market,” as it’s “completely targeted on what’s or shouldn’t be a safety.” This makes the group “assured in our info and the regulation.” He claimed that the U.S. authorities can’t even agree with itself as to which cryptocurrencies are securities, as “the SEC and CFTC [Commodity Futures Trading Commission] have made conflicting statements.”
Armstrong expressed hope that court docket proceedings will enable crypto exchanges to “lastly” get readability on the best way to adjust to securities legal guidelines. He additionally praised latest makes an attempt by Congress to go crypto laws, stating that “because of this the US congress is introducing new laws to repair the scenario.”
Associated: Coinbase focused by state safety regulators concurrent to SEC lawsuit
The response from Armstrong is the most recent in a sequence of authorized filings and public statements between the change and the SEC since March.
Coinbase acquired a Wells discover from the SEC on March 22 stating that the regulator could pursue enforcement actions. In response, the change issued an announcement from its authorized group on April 19 claiming that the SEC’s doable enforcement was not “supported by regulation or inside the bounds of the Fee’s authority.”
A Wells discover doesn’t start authorized proceedings. It solely serves to inform a agency of a possible lawsuit.
On April 25, Coinbase’s authorized group went on the offensive by preemptively submitting swimsuit in opposition to the securities regulator. Within the lawsuit, it alleged that the SEC had failed to supply clear guidelines for crypto exchanges in a well timed method, together with guidelines that distinguish between cryptocurrencies which might be or aren’t securities. The SEC responded by arguing for dismissal on Might 5, and Coinbase filed a mandamus reply in help of its swimsuit in opposition to the SEC on Might 23.
As a result of Coinbase filed its swimsuit in opposition to the SEC on April 25 and the SEC filed swimsuit in opposition to Coinbase on June 6, each organizations at the moment are embroiled in two separate authorized proceedings in opposition to one another.
