Brian Armstrong, the chief executive officer of American crypto exchange Coinbase, and the company’s chief legal officer, Paul Grewal, have responded to a Wells Notice issued by the U.S. Securities and Exchange Commission weeks ago in preparation for enforcement action., the Coinbase executives insisted that the SEC’s notice was unnecessary. The U.S. government has yet to develop clear rules for the crypto industry, and the exchange’s commitment to regulatory compliance has not wavered.
As of then, the executives said Coinbase was compliant with securities laws in its asset listings and staking services. They have“We are committed to working within the regulatory perimeter, and we want to see a clear market structure for trading crypto securities. Not all crypto assets are securities. There are also crypto commodities, there are stablecoins, there’s crypto that’s artwork. We’re going to work with multiple regulators to make this industry safe and trusted,” Armstrong said.
to defend its position in court, it did not have to come to that, as the exchange is ready for “true dialogue” with regulators about a path forward for the industry.Almost the same time the video was posted, Grewal was seated on stage talking to an audience in Austin, Texas, at Consensus 2023, a crypto event hosted by CoinDesk. The legal officer reiterated his thoughts on the matter.
Alongside Armstrong, Grewal insisted that Coinbase did not list securities due to its robust process based on the SEC’s guidance. He disclosed that the exchange rejects about 90% of the assets reviewed for listing.
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