According to Coinbase, allegations from the SEC are based on “superficial and incorrect analogies to products and services offered by others.”
from last month, arguing that any enforcement action against it would not only fail on the merits but also put the regulator at risk. The exchange is defying the SEC’s accusations, insisting that it has never traded unregistered securities and has always worked with the regulator.
Concerns were raised about Coinbase’s spot trading, staking, custody, and institutional trading operations in the SEC’s warning to the company, noting that the regulator would claim Coinbase was offering and selling unregistered securities, which is against federal law. The SEC previously used such violations to force other cryptocurrency exchanges, like Kraken, to stop operating in the United States.
This week, Coinbase filed a lawsuit against the SEC over its lack of transparency related to enforcement action. Breitbart NewsCNBC reports that in an effort to force the SEC to publicly release its response to a petition regarding the regulation of the cryptocurrency industry within SEC frameworks, cryptocurrency exchange Coinbase filed a lawsuit against the agency on Monday.
Coinbase Chief Legal Officer Paul Grewal wrote in a blog post, “From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision.”
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