• Coinbase has published a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
  • Wells Notices are usually issued before enforcement action.
  • Coinbase CEO Brian Armstrong said the company was not surprised by the SEC’s move.

Coinbase CEO Brian Armstrong has commented on the company’s announcement that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), saying the exchange was completely taken aback by the regulator’s actions. said no.

Coinbase Has Had 30 Meetings With The SEC, No Feedback

As report On Friday morning on CNBC, Armstrong and other executives said they had previously interacted with the SEC.

Over the past nine months, we have met more than 30 times with the SEC, shared business details, and answered all of their questions.” said Coinbase CEO.

According to Armstrong, Coinbase spent millions of dollars in legal fees trying to explain everything about the business, including listing digital assets and staking rewards. He added that the SEC had not provided feedback for nine months, noting that the agency canceled a meeting set up for that purpose at the last minute.

This was the first feedback we got in 30 meetings.The day before the meeting they canceled the meeting. [and] I didn’t understand why.And a few weeks later – Boom, Wells Notice arrives,” he added.

Thursday, Armstrong murmured The SEC reviewed Coinbase’s business and approved the IPO.

Coinbase stock plunge

The Wells notice indicates that securities regulators are considering enforcement action against the largest US-based cryptocurrency exchange. Investor reaction to the news therefore caused the share price of the listed company to plummet to $61.87.

Coinbase stock has fallen nearly 15% over the past five days.

By Jules

Leave a Reply