Cryptocurrency exchange Coinbase said Thursday that it has responded to a Wells Notice received from the Securities and Exchange Commission (SEC), urging the agency not to pursue enforcement action against the company for the SEC’s own sake.

Coinbase is the leading cryptocurrency exchange in the U.S. and became a publicly traded company when it was listed on the Nasdaq in 2021. The company argued that by allowing it to be listed on Nasdaq, the SEC implied that it did not think Coinbase’s business was unlawful.

“If the Commission had believed in April 2021 that Coinbase’s core businesses violated securities law, it would have been required by its own mandate to prevent the S-1 from becoming effective to protect the investing public,” the company wrote in its response.

Coinbase also warned the financial watchdog that it will likely sustain reputational harm from its “abrupt about-face,” if it tries to go after Coinbase because of the company’s efforts to comply with regulations and possibly discourage other companies from prioritizing compliance.

“The story that will be told is one of a company that […] consistently tried to gain clarity on and comply with the law […] by voluntarily providing the Commission with extensive information about its business, only to have that information used against it in a mystifying effort to extinguish major portions of its business,” Coinbase said in its response.

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Author: André Beganski

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