“Coinbase has embraced regulation since we were founded over a decade ago,” the cryptocurrency exchange’s chief legal officer Paul Grewal told the United States Congress on June 6. “The SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.”
Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning it of possible impending action by the regulator. Coinbase CEO Brian Armstrong said at the time:
“A Wells notice at this stage, when there’s not a clear rule book, is not constructive.”
Coinbase has promised a vigorous defense against the SEC charges. “We are confident in our facts and the law,” CEO Brian Armstrong said in a tweet June 6.
The company released a video it called “By the numbers” the same day. In it, the company said it mentioned staking in its S1 report and filed with the SEC before its initial public offering. Coinbase’s staking program is a major alleged securities violations in the SEC suit.
Related: Coinbase Derivatives Exchange set to roll out BTC and ETH futures
Furthermore, Coinbase…
