Coinbase, the largest cryptocurrency exchange in the US, has announced its vigorous defense against a potential lawsuit by the Securities and Exchange Commission (SEC) in a blog post and possibly last-ditch effort. The company made it clear that it will fight back to the end against the authority, which it says has exceeded its powers.
In the letter, Coinbase’s chief legal officer stated that the company had not hidden or lied. The SEC claims that the crypto exchange has been operating illegally since at least 2018. This is of course vehemently denied. The US public company emphasized that the commission “has the same facts today as it has for years”. This means that the sudden decision to file a lawsuit is not due to the discovery of new information about the crypto trading platform’s activities.
The letter went on to say that the SEC threatened to sue Coinbase. To ensure that most of the digital assets listed by the exchange are investment contracts. The SEC wants the San Francisco-based company to be registered as a national exchange and clearing house. However, Coinbase emphasized that none of these goals are supported by the law or within the purview of the commission and urged the SEC to refrain from filing an enforcement action.
Coinbase CEO Brian Armstrong and General Counsel Paul Grewal also shared a video offering their thoughts on the matter. In the video, they underline that they have never listed any investment contracts. They are also confident that the company will continue to be successful.
Coinbase’s official response came about a month after the SEC’s Wells notification. This usually signals an upcoming enforcement action. Now they announced that they would vigorously defend themselves. Last but not least, it was also emphasized that it will not be easy to bring the company down.
Did you know : Coinbase files lawsuit against SEC
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