Coinbase is trying a novel defense as the SEC prepares an enforcement action threatening its business: Regulators let us go public in the first place
is trying a novel defense. It says regulators bear some responsibility for letting the company go public in the first place.
Coinbase says its predicament is different from other companies facing legal hazards because “securities law is the SEC’s core competency,” its lawyers wrote last week in their rebuttal letter to the agency. The SEC sent Coinbase an investigative subpoena in December 2020, according to the company’s regulatory filings, when it was in the thick of the agency’s review process.
Coinbase listed its shares when the crypto market was flying high and investors were eager for a piece of the first major digital-asset company to go public. It fetched an $85 billion valuationCoinbase shares rose late Thursday after the company reported a lower-than-expected quarterly net loss.
“Disclosure review is merit neutral and doesn’t determine whether a business is compliant with laws other than those governing disclosure and accounting,” an SEC spokesman said. The agency declined to comment on Coinbase’s case in particular.
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