Our Turn! Coinbase Responds Wells Notice and Sues SEC
Coinbase publicly responded to the SEC’s Wells notice and now is trying to force the regulatory agency to respond to a petition for rulemaking that the company filed last summer aiming to get proper regulation rules for digital assets.
Crypto Evening Briefing: US Loses Crypto Market Share In Q1 2023 Amid US SEC-Led Crackdown
US-based crypto exchanges lost market share in the 2023 Q1 as trading volumes continue to fall amid the crypto crackdown.
US Loses Crypto Market Share In Q1 2023 Amid US SEC-Led Crackdown: Report
According to a report by TokenInsight, US-licensed crypto exchanges, including Coinbase, Kraken, and Binance.US, lost market share in 2023 Q1. The report showed that the top 15 exchanges recorded a total volume of $10.8 trillion, a 40% increase compared to 2022 Q4. However, US-based crypto exchanges failed to capitalize on the surge, with trading volumes dropping. Meanwhile, trading volume on crypto exchanges outside the US is rising due to increased regulatory crackdown against crypto in the US. Crypto companies such as Coinbase and Kraken have hinted at the possibility of moving offshore due to a lack of regulatory clarity. Circle CEO Jeremy Allaire blames the US crypto crackdown for USDC losing market share, with investors pushing to "de-risk out of the US" amid regulatory uncertainty and banking crisis.
Ripple CEO Shades US, Says He Likes To “Focus on Positive”
Ripple CEO Brad Garlinghouse has criticized the US for being backward in establishing clear regulatory frameworks for cryptocurrency-related activities, while other regions like the EU, UAE, and UK have moved forward with new regulatory frameworks. Garlinghouse chose to focus on the positive events happening in other parts of the world, such as the EU approving its first comprehensive framework to regulate its cryptocurrency industry and the UAE releasing a rulebook for regulating cryptos. The US is struggling to establish clear rules for its crypto industry and has yet to identify which crypto assets should be classified as security or commodity. The SEC has been ignoring calls from industry stakeholders to establish clear crypto rules.
Coinbase Calls for Open Dialogue in Response to SEC Wells Notice
Coinbase has responded to the Wells Notice issued by the SEC, stating that the SEC has not provided clear guidance to crypto companies and has not complied with the law by providing a way to register. The company is prepared to defend itself in court but has called for dialogue instead of enforcement. Coinbase has also taken action against the SEC in the form of a federal court filing to respond to a pending rulemaking petition filed in July 2022, asking for overdue guidance for the crypto industry. The firm was granted a regulatory license to operate from the Bermuda Monetary Authority and has hinted at a possible move offshore if America's war on crypto intensifies.
Coinbase Warns SEC It Will ‘Exhaust All Avenues’ If Sued
In a lengthy response to the Securities and Exchange Commission’s March Wells notice — which signaled the agency’s plans to bring an enforcement action — Coinbase said that it would be “a well-resourced adversary that will necessarily be motivated to exhaust all avenues.”
Coinbase Responds to SEC's Wells Notice: We Didn't List Securities
The firm stated that it would vigorously defend itself against the SEC's allegations and stand up for the rule of law.
US SEC’s Gensler Releases Another Video Dig at Crypto Industry
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler took his crypto-critical message to the web again with a new investor-protection video Thursday cautioning people about digital assets businesses that are breaking securities laws.
SEC Chairman Gary Gensler's Dog-Goldfish Analogy Draws Criticism from Crypto Community
Gensler compared crypto platforms offering "investment contracts" to walking a dog without a leash and calling it a goldfish to avoid legal issues.
SEC Action Against Coinbase Would Be Bad for America, CEO Armstrong Warns
The SEC recently gave Coinbase official notice that the San Francisco-based company is under investigation for its Earn product, wallet service and exchange activity.
