SEC Issues Wells Notice to Coinbase Alleging Potential Violations of Securities Laws

According to PANews news on March 23, according to official sources, Coinbase stated that it has received a “Wells Notice” from the US Securities and Exchange Commission (SEC). Wallet. Coinbase said the Wells notice did not provide a lot of information. SEC staff said only that they had identified potential violations of securities laws. Coinbase asked the SEC to indicate which assets listed on its platform may be securities, but the SEC refused. Prior to today’s SEC notice, Coinbase had provided the SEC with multiple registration proposals over the past few months, all of which the SEC ultimately declined to respond to. Coinbase reiterated that it will not list securities or provide securities products to customers. Coinbase Chief Legal Officer Paul Grewal said: “If necessary, we welcome the legal process to provide the transparency we have always advocated and to demonstrate that the SEC has been unfair or unreasonable in matters involving Crypto assets. Until then, business as usual run.” Coinbase has publicly criticized the SEC for its vague regulatory structure, and in July last year asked the SEC to explain how securities laws apply to Crypto assets. SEC Chairman Gary Gensler has stated on several occasions that he believes that crypto exchanges operate as unregistered securities exchanges in the United States, and that most of the tokens they list are similar to securities. According to previous news, the SEC sued Tron founder Justin Sun, accusing TRX and BTT of being unregistered securities.