Coinbase CEO Brian Armstrong stated in an interview with CNBC that the crypto exchange has always been transparent with the US Securities and Exchange Commission (SEC), following the SEC's recent lawsuit against the company for failing to register as an exchange. Armstrong expressed disappointment that the SEC had allowed Coinbase to become a public company only to later change their stance.

The SEC alleges that Coinbase traded at least 13 crypto assets that are securities and should have been registered. Despite the lawsuit, Coinbase shares rose nearly 1% on Wednesday, but have declined about 20% since the SEC sued Coinbase and rival Binance for securities law violations.