After the SEC’s complaint against it, Coinbase responded with a video calling for “updating the system”. In parallel, she shared a campaign called “Stand With Crypto” accompanied by a commemorative NFT, the aim of which is to push the United States to adopt a clear regulatory framework.
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Coinbase et Brian Armstrong répondent à la plainte de la SEC
Coinbase Responds to SEC Complaint
After the Securities and Exchange Commission (SEC) complaint against it, Coinbase and its CEO Brian Armstrong gave their answer publicly.
This one took a minimalist, yet effective angle, through a short 40-second video embellished with short sentences calling for “update the system» :
First of all, Coinbase recalls that in its public balance sheet for the first half of the year, the term “staking” appears there 57 times, underlining the fact that the platform has never attempted to conceal its various activities. Next, she recalls that in 2022, she participated in 30 meetings with the SEC in order to obtain clarification on how to operate in compliance.
Coinbase also indicates that it rejects 90% of requests for assets wishing to be traded on its exchange, because they do not correspond to legal standards.
Then comes a snub to illustrate the burning need to update the country’s regulatory framework. Indeed, the SEC still relies on the Howey test to determine whether an asset is a financial security or not. However, this test dates from 1946.
Besides, 1 million jobs are at risk in the United Statesbenefiting 33 jurisdictions across the globe that have already adopted clear crypto regulations.
👉 To go further — Find our guide on the Coinbase platform
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Brian Armstrong’s point of view
For his part, Brian Armstrong held to recall facts that have already been highlighted in the pastincluding when the SEC issued a Wells notice to Coinbase earlier this year.
One of the important points is that at the time of the exchange’s IPO, the company’s activity was scrutinized by regulators in the United States, including the SEC:
Regarding the SEC complaint against us today, we’re proud to represent the industry in court to finally get some clarity around crypto rules.
Remember:
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to “come in and…
— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023
In the absence of clear regulations, Coinbase also chooses not to list what it considers to be financial securities according to his point of view. It is therefore this point of view that diverges from that of the federal authority, and Brian Armstrong will defend his convictions in court:
“So if we have to go to court for clarification, so be it. By the way, in case it wasn’t obvious, the Coinbase lawsuit is very different from the others, the lawsuit filed against us is exclusively focused on what is and isn’t a security. And we trust our facts and the law. We will do what is necessary. »
Apart from this case, Coinbase shared a campaign called “Stand With Crypto”, along with a free dynamic non-fungible token (NFT). The NFT takes the form of a QR code intended to be updated to allow its holders to keep up to date with actions that can be taken to advance regulation in the United States.
Time to #StandWithCrypto. 🛡️
Join the movement for sensitive crypto policy. Mint the latest NFT. Existing holders = new metadata ready for you.
👉 https://t.co/yCGNEt8Zcn pic.twitter.com/f2JBxzkw7c
— Coinbase 🛡️ (@coinbase) June 6, 2023
It is true that Coinbase’s row with the SEC is only about financial securities, where claims against its competitors may prove to be more contentious. It will therefore be exciting to follow the court decisions that will be made in the future.
👉 Also in the News — SEC Actions Trigger Mass Drawdowns on Binance and Coinbase
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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