Warum der CEO von Coinbase glaubt, dass die Krypto-Warnung der SEC für die USA schädlich ist

Coinbase Global, the largest cryptocurrency exchange in the United States, has been at odds with the Securities and Exchange Commission (SEC) for some time. On Friday, Coinbase CEO Brian Armstrong released a video message describing the warning from the SEC as „not constructive“ and „not good for America.“

The friction between Coinbase and the SEC is part of a larger attempt by the US government to regulate the cryptocurrency sector. SEC Chairman Gary Gensler has called for cryptocurrency exchanges to be registered with the agency, which is the source of hostility between Coinbase and the SEC.

This warning was issued by Wells about a month ago and was responded to by Armstrong. In the Wells Notice, it was said that SEC employees had made a „preliminary decision“ to propose an enforcement action against Coinbase for violating federal securities laws.

In response to the Wells Notice, Coinbase, arguing that the legal reasoning of the SEC staff was „flawed and untested“ and that an enforcement action „would pose significant programmatic risks to the Commission,“ submitted a letter to the SEC.

While Armstrong made it clear in his video that he was ready to take the SEC to court, Coinbase also stated in its written response to the SEC that the agency’s threat of litigation „appears to be aimed at putting pressure on the organization to agree with the position of the SEC that all cryptoassets on the Coinbase platform are securities.“

The video also featured Coinbase’s Chief Legal Officer, who pointed out that the company is always willing to visit the SEC to create a viable future for the cryptocurrency industry in the United States.

In the 14 days since the beginning of 2023, the SEC has taken enforcement action against 14 separate cryptocurrency companies and individuals. Crypto-staking programs offered by other exchanges such as Bittrex and Kraken have also been accused of offering sales of unregistered securities.

Coinbase has responded by stating that it will resist any regulation of its own staking system, which differs from Kraken’s.

Despite SEC staff claims that Coinbase’s staking services represent investment contracts, Coinbase claims that it does not list, clarify or influence the trading of securities through its platform.

Although Coinbase’s stock price has still fallen by 82% since its IPO in April 2021, it has risen by more than 53% since the beginning of January.

Regulatory authorities and industry participants alike are struggling to find a middle ground between promoting innovation and ensuring the security of the cryptocurrency market, and the ongoing conflict between Coinbase and the SEC is a microcosm of this broader struggle.

While the ultimate solution to this problem is still up in the air, it underscores the importance of maintaining open communication channels and the cooperation of all necessary parties to promote the success of the crypto business in compliance with applicable laws and regulations.