Breaking: Coinbase issues official response to SEC's Wells Notice

FXStreet reported about Coinbase receiving a broad and hazy Wells notice from the SEC in March. In the latest development, the US-based exchange has made an official response to the regulator, providing both written and video submissions to the SEC. Notably, this development comes after the two parties discussed the matter a few days ago.  

Today Coinbase is sharing our response to the SEC’s Wells notice from last month. As we continue this process, we’re committed to being as transparent as possible with our customers, stakeholders, and investors.

In the redress, Coinbase highlights that it is the same company, and has not changed since the SEC allowed them to go public in 2021. The approval came after a thorough discussion and analysis of the exchange’s business, which has controversially become the center of the Wells Notice. Citing Coinbase, “We did not list securities then, and we still don’t.”

Further, Coinbase notes:

“We would like to list securities in the future, but the SEC has still not complied with the law in providing companies like Coinbase with a way to register to be able to do that.”

Nevertheless, Coinbase has assured that while the largest cryptocurrency exchange in the US does not enjoy legal action against the financial regulator, they would be defending themselves vigorously- “and stand up for the rule of law for everyone.”

Regulatory clarity should not be left to the courts- Coinbase

According to Coinbase, a lot of updates are required within the financial system, which is why the exchange will be doubling down on building, moving forward. In this endeavor, Coinbase will keep looking to “Congress for legislation and to the SEC for rulemaking so that regulatory clarity is not left to the courts.”