We asked the SEC for reasonable crypto rules for Americans

#104 · 🔥 210 · 💬 251 · one year ago · www.coinbase.com · TimJRobinson · 📷
A Wells notice is the way that SEC staff tells a company that they are recommending that the SEC take enforcement action for possible violations of securities laws. 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. Specifically, the SEC asked us to provide our views on what a registration path for Coinbase could look like - because there is no existing way for a crypto exchange to register. We have continued to try and engage with the SEC. In addition to our attempts to develop a registration path, we have repeatedly, formally asked the SEC to engage in rulemaking for our industry. Federal Bankruptcy Judge Michael Wiles in the recent Voyager case shared his findings in a ruling against the SEC that makes clear that the SEC is on shaky ground when it comes to the Commission's recent views of cryptocurrencies being a security. Then-CFTC Commissioner Quintenz has said that "The SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oilor crypto assets." Current SEC Chair recently opined that perhaps BTC is the only digital asset commodity, which is entirely at odds with the position of the CFTC. If our regulators cannot agree on who regulates which aspects of crypto, the industry has no fair notice on how to proceed. We remain confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets.
We asked the SEC for reasonable crypto rules for Americans



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