The US Securities and Exchange Commission (SEC) gave serious signals of possible sanctions in a statement it sent to the cryptocurrency exchange Coinbase.
The SEC has issued a preliminary warning that it may impose sanctions on Coinbase. Wells statement sent. The detailed explanation of the statement was revealed in a blog post shared by Coinbase. According to the details cited by Coinbase, the SEC’s notice is already some of the listed cryptocurrenciesstaking service Coinbase Earn, Coinbase Prime And Coinbase Wallet it was special.
The following statements were used regarding the developments in the shared blog post:
The SEC has sent a “Wells notice” today regarding some of the listed cryptocurrencies following a cursory investigation, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
On the other hand, Coinbase stated that they are ready for this disappointing result, that they trust the legality of their assets And will not change existing products or services. told.
Coinbase chief legal officer Paul Grewalexplained that the SEC did not maintain a healthy communication throughout the process:
We specifically asked the SEC to indicate which assets on our platforms they believed could be securities, and they refused to do so. Today’s Wells notice comes after Coinbase has submitted multiple offers to register with the SEC over the months, and the SEC has refused to respond to all of them.
A Wells notice represents the first step in investigating whether the company’s activities may be in violation of securities law and is often preceded by an action of enforcement.
stablecoin issuer in the past months Paxos, Binance USD (BUSD) He had received a Wells notice regarding his transactions and had to stop his services as a result.