SEC's crackdown on crypto continues with a Wells notice to Coinbase. The notice comes after the exchange submitted multiple proposals, for which the exchange said the regulator kept delaying feedback
Crypto exchange Coinbase said it received a 'Wells Notice' from the United States Securities and Exchange Commission recommending the regulator take enforcement action.the “legal threat” could potentially target the exchange’s staking program Coinbase Earn, listed digital assets, its wallet, or Coinbase Prime services.
“We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so,” said Coinbase chief legal officer Paul Grewal. “Today’s Wells notice also comes after Coinbase provided multiple proposals to the SEC about registration over the course of months, all of which the SEC ultimately refused to respond to.”
1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
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