Coinbase will likely fight a court battle against SEC after the issuance of the notice.
Coinbase Global Inc. the U.S based crypto exchange has issued a statement that it has received a notice from the U.S securities and exchange commission warning that the company can face a possible lawsuit over some of its crypto products.
SEC is targeting Coinbase on the grounds of allowing securities to be traded illegally on the platform.
It also targets certain products promoted by the Coinbase exchange including the Coinbase spot market, Coinbase Earn, Coinbase Prime and Coinbase wallet.
The strangest part of the notice was that the SEC wouldn’t give specific names of the assets it deemed as securities. Here are the details shared by Coinbase’s Legal officer in a Twitter thread –
Even when giving us our Wells notice, the SEC wouldn’t specific assets giving them concern or what specific arguments that we’ve made on staking are wrong. Instead, we were simply told to consider the Chair’s generic statements. 12/15— paulgrewal.eth (@iampaulgrewal) March 22, 2023
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.