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Polygon, Ex-Meta Executives Speak Out in Support of Coinbase Amidst SEC Wells Notice

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Several notable cryptocurrency industry figures have spoken out in support of Coinbase after the company received a Wells notice from U.S. Securities and Exchange Commission.

Ryan Watt, the President of Polygon Labs, tweeted that it is important for the crypto industry to support Coinbase. He acknowledged that Coinbase has earned the public's trust, but regulators and politicians have undermined it. It's worth noting that Coinbase lists Polygon's native token (MATIC).

According to David Marcus, the former head of  Meta's crypto projects, Coinbase deserves recognition for its efforts to engage with regulators and comply with regulations. He expressed disappointment that companies that cooperate with regulators are often subjected to harsher treatment than those who engage in fraudulent activities. Marcus questioned:

"We should be proud of this exact kind of US-born responsible innovation and leadership, but instead such companies that play by the rules are treated far worse than ones that operate full-on fraudulent operations (cc: FTX). What kind of an incentive system is this?" 

Jake Chervinsky, Chief Policy Officer of the Blockchain Association,  also said it “stands in support” of Coinbase.

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