Coinbase Receives a 'Dreaded' Wells Notice

Written by:
Aaron Goldstein
Published on:

On Thursay, Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice often precedes an enforcement action.  More specifically, the Wells notice is issued by regulators to inform individuals or companies of completed investigations where infractions have been discovered.

"We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead," Coinbase claims.

The crypto exchange issued a statement on Wednesday afternoon:

"We are prepared for this disappointing outcome. We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets.

"While we understand that this is all part of the journey to reforming our financial system, we are right on the law, confident in the facts, and welcome the opportunity for Coinbase (and by extension the broader crypto community) to get before a court."

CoinGeek founder Calvin Ayre has not been kind to Coinbase over the years, and Wednesday was no exception.  Ayre retweeted a concern over questionable tokens appearing for trading on the Coinbase site.

The Bitcoin Masterclasses Series 3 with Craig Wright: Yes, Human Accountants Are Still Needed

Blockchain can record all information for future reference, but does that guarantee the information is true? No, it isn’t. Suppose you want the world to rely on one universal ledger of truth and use it for vital operations like supply chains, logistics, and accounting, how do you ensure the data on that ledger is actually valid? That’s the opening introduction from Dr. Craig S. Wright in the third and latest edition of The Bitcoin Masterclasses series, held this week in Zurich.

- Aaron Goldstein,

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