John Stark said the assertion that Coinbase has 'some sort of regulatory safe harbor' and that the SEC is constrained by some sort of doctrine 'has no basis in law or in fact.' regulation
, Stark, who worked for eleven years as an SEC chief, assailed the assertion that the commission’s approval of Coinbase’s registration statement amounted to an endorsement of the crypto exchange’s activities. According to Stark, the SEC’s approval of Coinbase’s registration statement was done to ensure the latter had made “proper disclosures in their application.
Meanwhile, Stark also suggested in his tweet that Coinbase’s own Form S1 Registration Statement under the Securities Act of 1933 proved that the crypto exchange was aware that its business activities had the potential to cause problems. He said: Finally, Coinbase’s Form S1 Registration Statement under the Securities Act of 1933, the form that Coinbase filled out to become a public company and the form that the SEC reviewed, disclosed that there is regulatory uncertainty regarding the status of their activities and that Coinbase could be subject to a litany of civil, criminal, and administrative fines, penalties, orders and actions .
Stark ended the long tweet by reiterating that the “no approval clause” was a sufficient warning to Coinbase executives who may face potential jail time should the crypto exchange lose its fight against the SEC.
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