{"id":5418,"date":"2023-06-06T19:31:35","date_gmt":"2023-06-06T23:31:35","guid":{"rendered":"https:\/\/sikaoer.com\/coinbase-reminds-world-it-tried-to-embrace-regulation-as-sec-sues-for-violations\/"},"modified":"2023-06-06T19:31:35","modified_gmt":"2023-06-06T23:31:35","slug":"coinbase-reminds-world-it-tried-to-embrace-regulation-as-sec-sues-for-violations","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/coinbase-reminds-world-it-tried-to-embrace-regulation-as-sec-sues-for-violations\/","title":{"rendered":"Coinbase reminds world it tried to \u2018embrace regulation\u2019 as SEC sues for violations"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-v-2dafa29c=\"\">\n<p>\u201cCoinbase has embraced regulation since we were founded over a decade ago,\u201d the cryptocurrency exchange\u2019s chief legal officer, Paul Grewal,\u00a0told the United States Congress on June 6. \u201cThe SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.\u201d<\/p>\n<p>Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning the U.S.-based exchange of possible impending action by the regulator. Coinbase CEO Brian Armstrong said at the time:<\/p>\n<blockquote><p>\u201cA Wells notice at this stage, when there\u2019s not a clear rule book, is not constructive.\u201d<\/p><\/blockquote>\n<figure><figcaption style=\"text-align: center;\">Coinbase chief legal officer Paul Grewal in a video posted after the exchange received a Wells notice. Source: YouTube<\/figcaption><\/figure>\n<p>Coinbase has promised a vigorous defense against the SEC charges. \u201cWe are confident in our facts and the law,\u201d Armstrong said in a tweet June 6.<\/p>\n<p>The company released a video it called \u201cBy the numbers\u201d the same day. In it, the company said it mentioned staking 57 times in the S1 report it filed with the SEC before its initial public offering. Coinbase\u2019s staking program is a major alleged securities violation in the SEC suit.<\/p>\n<p><strong>Related: Coinbase Derivatives Exchange set to roll out BTC and ETH futures<\/strong><\/p>\n<p>Furthermore, Coinbase \u201cmet with the SEC in 2022 asking for guidance\u201d 30 times, the new video claimed. It also filed a petition for rulemaking on staking in March. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/20<\/p>\n<p>Breakdown of the SEC Coinbase complaint:<\/p>\n<p>Advocates that since 2019 it's been an unregistered broker (odd year to pick?)<\/p>\n<p>What changed in 2019 versus prior years?<\/p>\n<p>Also claims its a clearing agency &#8211; which is a stretch here. pic.twitter.com\/YItxU5zn9d<\/p>\n<p>\u2014 Adam Cochran (adamscochran.eth) (@adamscochran) June 6, 2023<\/p><\/blockquote>\n<p>Grewal pointed out in his June 6 appearance before the House of Representatives Committee on Agriculture that Coinbase is not currently unregulated. It is a registered money services business with the Treasury Department, and Coinbase Asset Management is a registered investment adviser with the SEC and a licensed designated contract market regulated by the Commodity Futures Trading Commission. <\/p>\n<p>Coinbase also has money transmission licenses in 45 states. Be that as it may, 10 states joined together to issue a Show Cause Order against Coinbase, also on June 6, giving the exchange 28 days to show why those states\u2019 regulators should not issue a cease-and-desist order against it for securities law violations. <\/p>\n<p><strong>Magazine: Cryptocurrency trading addiction: What to look out for and how it is treated<\/strong><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/coinbase-reminds-world-it-tried-to-embrace-regulation-as-sec-sues-for-violations\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cCoinbase has embraced regulation since we were founded over a decade ago,\u201d the cryptocurrency exchange\u2019s chief legal officer, Paul Grewal,\u00a0told the United States Congress on June 6. \u201cThe SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.\u201d Coinbase was sued by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-5418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - 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