Coinbase Challenged SEC's shift in Stance on Core Businesses and Responded to the Well's notice

Coinbase’s CEO Brian Armstrong, responded to the actions of the US Security regulator by presenting their response to the Well’s notice.

KEY TAKEAWAYS

• SEC served a Well’s notice to Coinbase, to which the company responded recently.
• The CEO of Coinbase is optimistic that the company will defend itself under all such circumstances.

According to recent information, Coinbase has disagreed with the SEC’s actions and believes that the regulators should have been clear about their stance before they publicized Coinbase. Moreover, they also added a statement against SEC in their response and accused them of not providing clear guidelines for their recent enforcement actions.

They also added that if they thought that SEC found their business or company unlawful they should have intervened at an earlier stage and must have prevented their public offerings. But Since SEC didn’t intervene or objectified the core business of Coinbase earlier, investors deemed that as permission for continuation.

Coinbase CEO spills Confidence

Despite receiving pressure from the US SEC, the CEO of Coinbase reaffirmed the company’s commitment to creating innovative products that promote economic freedom. He stated that the company is set to defend itself and stand up for the rule of law.

Moreover, in response to the Well’s notice served by the SEC to Coinbase, the company expressed confusion over the sudden change in the attitude of the regulators. Especially, considering the extensive interaction they had during Coinbase’s public listing process. Adding that the charges against them are totally unjustified.

Additionally, The company also demanded a response from SEC to their legal proceedings in federal court in July 2022. They also pledged to keep cooperating with the SEC to resolve the matter amicably.