Coinbase executives believe that the SEC’s notice is unnecessary as the U.S. is yet to produce a clear framework for digital assets.
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 (SEC) weeks ago in preparation for enforcement action.
Coinbase Reacts to Wells Notice via Vide
“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.
Coinbase Doubles Down on Crypto Framework Request
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.