Coinbase’s chief legal officer, Paul Grewal, says Wells’ notice that the US Securities and Exchange Commission (SEC) filed with the cryptocurrency exchange is a sign that the regulator is hostile to the industry as a whole.
Last week, the SEC sent a notice from Wells to Coinbase, which said the regulator had made a “preliminary determination” to recommend that the agency file enforcement action against the US cryptocurrency exchange for allegedly violating securities laws.
Coinbase said the action targets a number of listed crypto assets, as well as staking service Coinbase Earn, its institutional platform Coinbase Prime, and Coinbase Wallet.
In an interview with broadcast expert Laura Shin, Grewal Explain Why Wells’ notice from the SEC has become a struggle for all cryptocurrencies.
“If he is responsible for serious anti-money laundering [anti-money-laundering] and KYC [know-your-customer] Programs, publicly listed, petitioning to make rules and trying to deal with the government can be dealt with in this way, and no one else is safe either.
And I think it’s important to understand that this is not just a take on Coinbase. This is a shot at cryptocurrency as a whole. And so, we will certainly do our part to defend against what we believe to be massive overreach on the part of the Commission.
But it’s not just a battle that Coinbase has to fight alone. This is really something all cryptocurrencies should pay close attention to. And we will make sure that all of these issues that we deal with with the SEC are explained, disclosed, and described to the public as a whole as best we can so that everyone can get a clear understanding of where things stand. “
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