Coinbase CEO Brian Armstrong says US-based crypto exchange is in court SEC He said he was ready to face it.
The disclosure comes after Coinbase received a Wells Notice last month from the regulator saying that the agency is considering filing a sanctions lawsuit against the exchange for alleged violations of securities laws in the United States.
In a new CNBC interview, Armstrong said, coinbaseIt says that ‘s was not notified of any problems prior to the publication of the notification.
“We had 30 meetings over the last year and we didn’t get a single feedback from them on what we could have done better or different, and then this Wells Statement came in, so it’s really unfortunate.”
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Armstrong says the SEC has failed in its responsibility to set clear standards for the market, so it has resorted to court order to obtain the necessary clarity.
“I think we’re going to have to go to court to get the clarity we need and build this case-law. This is avoiding responsibility. So, the regulator’s job is to publish a scary rulebook and ensure that this market is safe and flourishing in that country at the same time, and I think they’re totally avoiding responsibility.”
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As we’ve reported on Koinfinans.com, Armstrong says they’re ready for a long fight with the SEC in case the case could drag on for years.
“We never want to sue but in this case it seems they started the case and if we have to go to court to get the clarity we need, we are very prepared to do so.”
The executive is also optimistic that if a lawsuit is filed, Coinbase will win the lawsuit.
“I think the law is on our side and the SEC has to abide by the rule of law. I think their actions would be unsympathetic to a jury and so we are very prepared for that. We go to court to win. To be clear, I think we have a very strong case and that’s exactly what we intend to do.”