Shares of Coinbase were down more than 12% Tuesday. In a statement to CNN, Coinbase’s chief legal officer Paul Grewal echoed Armstrong’s statement and added: “The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation.” So if we need to avail ourselves of the courts to get clarity, so be it.” “Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. “There is no path to ‘come in and register’ - we tried, repeatedly.” he wrote. “Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law.”Ĭoinbase’s failure to register “has deprived investors of significant protections,” the SEC said.Ĭoinbase CEO Brian Armstrong said in a tweet Tuesday that the company is “proud to represent the industry in court to finally get some clarity around crypto rules.” But he also pushed back against the SEC, which, he noted, approved the crypto platform’s business when it allowed Coinbase to go public in 2021. “Since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities,” the SEC said in a press release. That complaint landed just 24 hours after filing a similar suit against overseas rival Binance. On Tuesday, the US Securities and Exchange Commission sued Coinbase, America’s largest crypto exchange, for allegedly acting as an unregistered broker.
Wall Street’s top regulator is confronting some of the biggest names in crypto over their alleged violations of US securities laws, in a regulatory crackdown that is roiling the digital asset industry.
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