Tension Between SEC and Coinbase Is Escalating: New Objection Arrived! What is the reason?

The SEC took issue with bankrupt crypto lending platform Celsius Network (CEL)’s use of crypto exchange Coinbase to distribute its cryptocurrency assets to creditors.

Tension between Coinbase and the US Securities and Exchange Commission (SEC) is increasing. SEC, September 22 on U.S. Bankruptcy Court for the Southern District of New YorkHe made an objection specifically to the bankrupt Celsius Network. Regulator says payment to Celsius creditors coinbase through continuing while opposing the execution Coinbase case It was suggested.

The SEC objected to Coinbase’s role as an institution that would distribute payments to global Celsius creditors, objecting to the agreement between the two companies. surrounded by blurry boundaries and about the agreement suggested greater clarity was needed. SEC’s filing of agreement between Celsius and Coinbase Because there is no legal access It is thought that he made such a request.

Coinbase provides services to customers on behalf of Celsius. In a position beyond overseeing the return of cryptocurrency assets The regulatory body, which claims that the cryptocurrency exchange is in line with this agreement. take on more than one role He claimed.

In the lawsuit filed against Coinbase by the SEC at the beginning of last June, it was stated that the company was unregistered. brokerstock market and trading platform aspect multiple tasks undertaken and this situation USA contrary to the law He stated that he fell. This is also within the scope of the agreement between SEC, Celsius and Coinbase. may be full of violations defended.

Statement from Coinbase

Paul Grewel, Coinbase’s chief legal officer, expressed his surprise in his comment against the SEC’s objection. couldn’t hide. Grewel, implying that Celsisus creditors strongly support the bankruptcy distribution program, stated that they will not step back with the following words:

Coinbase is proud to partner with Celsius to distribute cryptocurrencies back to its customers. I wonder why the SEC would object to a reliable US company assuming this role? We look forward to addressing this matter in bankruptcy court and playing our important role in making Celsius customers whole.

At the beginning of last July, the SEC Celsius Network and old To CEO Alex Mashinsky He filed a lawsuit for fraud and cryptocurrency price manipulation.

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