![]() ![]() "Although we don't take this development lightly, we are very confident in the way we run our business – the same business we presented to the SEC in order for us to become a public company in 2021," Coinbase Chief Legal Officer Paul Grewal said in a blog post. It generally lays out the framework of the regulatory argument and offers the potentially accused an opportunity to rebut the SEC's claims.Ĭoinbase described the investigation as "cursory," and said the Wells notice provided relatively little information about potential violations. Months before the collapse of FTX in November, crypto markets were roiled by rising interest rates and a broad move out of risk, which contributed to the collapse of stablecoin Terra and the demise of crypto hedge fund Three Arrows Capital and exchanges Celsius and Voyager.Ī Wells notice is typically one of the final steps before the SEC formally issues charges. Reports first surfaced of an SEC probe into Coinbase in mid-2022. The SEC has ramped up its enforcement of the crypto industry, bearing down on companies and projects that the regulator alleges were hawking unregistered securities. "The potential civil action may seek injunctive relief, disgorgement, and civil penalties." "Based on discussions with the Staff, the Company believes these potential enforcement actions would relate to aspects of the Company's spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet," Coinbase said in a regulatory filing. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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