Coinbase Chief Executive Brian Armstrong on Wednesday (June 7) hit back at US Securities and Exchange Commission (SEC) Chair Gary Gensler over the agency's lawsuit against the crypto exchange, calling him an 'outlier,' while also reassuring customers that their funds were safe. The SEC on Tuesday alleged Coinbase traded at least 13 crypto assets that are securities that should have...
Coinbase Chief Executive Brian Armstrong on Wednesday hit back at US Securities and Exchange Commission Chair Gary Gensler over the agency's lawsuit against the crypto exchange, calling him an "outlier," while also reassuring customers that their funds were safe.
Gensler has long said most tokens constitute securities and has steadily asserted the SEC's authority over the crypto market. US President's Working Group on Financial Markets has also said some coins linked to fiat currencies may be securities. The SEC on Monday sued Binance, the world's largest cryptocurrency exchange, likewise accusing it of selling cryptocurrency products without registering them as securities. It also alleged Binance artificially inflated trading volumes, diverted customer funds and failed to restrict US customers from its platform.
Speaking to Reuters late on Tuesday, Paul Grewal, the company's chief legal officer, also said he was "confident" the SEC would not try to freeze Coinbase's assets, as it has done in the case of Binance. "The standards that are required for such an asset seizure simply don't apply in our case," he said.
But those talks broke down in March when the SEC made its position clear that fundamental aspects of the firm's business model were essentially illegal, the source said. Coinbase received a notice from the SEC that it planned to bring an enforcement action against the company the same month.
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