Cryptocurrency exchange company Coinbase made a strong statement on April 27, as its chief legal officer Paul Grewal and CEO Brian Armstrong spoke on video to respond to the United States Securities and Exchange Commission's (SEC) concerns. This address came in response to a Wells notice.

Paul Grewal asserted in the video that Coinbase has always maintained a commitment to regulatory compliance, noting that the company is already regulated, having received a New York state BitLicense. He specified that any attempt by the SEC to expand their oversight would require legislation or rulemaking. He did note that the SEC had requested Coinbase develop a proposal to register cryptocurrencies with the agency, yet they discontinued the discussion before evaluating their proposals.

Brian Armstrong discussed the history of Coinbase, explaining that he founded the company in 2012 and that the company has thorough vetting processes in place. He emphasized that Coinbase does not list securities. Armstrong concluded by saying that he welcomes a dialog with the SEC to work out a viable solution.

It is clear Coinbase will not back down without a fight – as Grewal noted, they are rearing to go to court if they have to – however the company has welcomed true and open dialogue from the SEC regarding their issues.



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