Coinbase wants clarity from SEC
Coinbase has sued the US Securities and Exchange Commission (SEC) to explain where it stands on crypto, LinkedIn News reports.
Coinbase is suing the Securities and Exchange Commission, demanding a public answer from the regulator regarding a petition on whether it would allow the crypto industry to be regulated using existing SEC frameworks. The lawsuit is the "latest pushback the SEC has received in recent months," says TechCrunch, as it cracks down on the industry, including on Coinbase, the largest U.S. cryptocurrency exchange. Last month, Coinbase received a Wells notice — a letter from the SEC that typically precedes the filing of federal charges. In its June 2022 petition, the company asked whether the SEC would “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods,” to which it never got a response.
CEO Brian Armstrong recently said that Coinbase would consider moving its headquarters outside of the U.S.due to the lack of clarity around digital assets.
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Tech investor and "bitcoin bull" Chamath Palihapitiya believes "crypto is dead in America,” per CNBC.