In its lawsuit filing in early June, SEC charged Coinbase with “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.” It also argued that the crypto exchange failed to “register the offer and sale of its crypto asset staking-as-a-service program.”

Coinbase CEO Brian Armstrong told the Financial Times that they could have avoided going to court if they had accepted the recommendation from SEC to trade only in Bitcoin.

“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong told the media outlet. “ … We really didn’t have a choice at that point, delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US.”

When Reuters reached out to Coinbase for further comments, the company’s spokesperson clarified that SEC didn’t make a formal request to delist all tokens besides Bitcoin. Instead, it was more of a recommendation and stance brought forward by individual SEC staffers.

The post SEC Asked Coinbase to Delist All Cryptocurrencies Except Bitcoin Before the Lawsuit appeared first on theprimarymarket.com.

In a regulatory filing on Wednesday, Coinbase disclosed that they had received a Wells notice from SEC. The Wells notice is sent to companies and individuals “at the conclusion of an SEC investigation that states the SEC is planning to bring an enforcement action against them. “SEC has sent the same notice to several other crypto companies in recent weeks while performing other enforcement actions related to the crypto market.

Coinbase addressed the Wells notice in a blog post, saying that it plans to challenge SEC’s actions and believes it did nothing wrong.

“We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets,” the company stated.

Before the recent dip, Coinbase shares have been 130 percent up year-to-date. However, this is still close to 60 percent down compared to the same period in 2022. 

The post Coinbase Stock Plunges After SEC Warning appeared first on theprimarymarket.com.

In its lawsuit filing in early June, SEC charged Coinbase with “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.” It also argued that the crypto exchange failed to “register the offer and sale of its crypto asset staking-as-a-service program.”

Coinbase CEO Brian Armstrong told the Financial Times that they could have avoided going to court if they had accepted the recommendation from SEC to trade only in Bitcoin.

“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong told the media outlet. “ … We really didn’t have a choice at that point, delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US.”

When Reuters reached out to Coinbase for further comments, the company’s spokesperson clarified that SEC didn’t make a formal request to delist all tokens besides Bitcoin. Instead, it was more of a recommendation and stance brought forward by individual SEC staffers.

The post SEC Asked Coinbase to Delist All Cryptocurrencies Except Bitcoin Before the Lawsuit appeared first on theprimarymarket.com.

In a regulatory filing on Wednesday, Coinbase disclosed that they had received a Wells notice from SEC. The Wells notice is sent to companies and individuals “at the conclusion of an SEC investigation that states the SEC is planning to bring an enforcement action against them. “SEC has sent the same notice to several other crypto companies in recent weeks while performing other enforcement actions related to the crypto market.

Coinbase addressed the Wells notice in a blog post, saying that it plans to challenge SEC’s actions and believes it did nothing wrong.

“We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets,” the company stated.

Before the recent dip, Coinbase shares have been 130 percent up year-to-date. However, this is still close to 60 percent down compared to the same period in 2022. 

The post Coinbase Stock Plunges After SEC Warning appeared first on theprimarymarket.com.