Coinbase received a Wells Notice from the Securities and Exchange Commission on Wednesday, alleging that the company’s staking products constitute unregistered securities. The notice also mentions “aspects of Coinbase’s exchange… and Coinbase Wallet.”

A person familiar with the matter told Decrypt that Coinbase is “confident it will be able to defend its position in court.” The source also said Coinbase leadership is frustrated that the SEC has allowed American investors to participate in crypto for years before “suddenly deciding to pull the rug out.”

Coinbase has been having conversations with the SEC about regulatory and policy matters for months, the same person said. Meetings with the regulator started shortly after the company filed a petition with the SEC in July, asking that the SEC begin a public rulemaking process to clarify which digital assets it considers to be securities.

On Monday, the company submitted a letter to the SEC specifically calling for rulemaking clarity regarding staking. In the letter, Coinbase chief legal officer Paul Grewal wrote that the company was surprised to see its peer Kraken announce it had reached a $30 million settlement with the SEC over its staking business.

“Until this settlement, the

Go to Source to See Full Article
Author: Stacy Elliott,Daniel Roberts

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details