SEC Sends Coinbase Wells Notice, Warns of Potential Securities Charges
The Securities and Exchange Commission recently issued a Wells Notice to crypto exchange Coinbase. The agency has warned the company of potential federal sec urity law violations. Typically, a Wells notice precedes an enforcement action. 1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action. — Brian Armstrong (@brian_armstrong) March 22, 2023 Also Read: Cathie Wood’s ARK, Coinbase CEO Dump Millions In COIN Shares The CEO of the exchange, Brian Armstrong, took to Twitter to clarify that the SEC reviewed Coinbase’s business “in detail” a couple of years back and approved it to go public. Furthermore, in the S1 filing, Coinbase “clearly explained” its asset listing process. The same contained 57 references to staking. Armstrong asserted that the exchange runs a “rigorous asset review process” and has rejected more than 90% of assets that applied to be listed on the platform. He...