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Wells Notice

All articles tagged with #wells notice

cryptocurrency-regulation1 year ago

SEC Issues Enforcement Notice to Uniswap, Sparking DeFi Industry Backlash

The SEC has served Uniswap Labs with a Wells Notice, signaling a potential lawsuit, prompting the crypto industry to view it as a significant attack on decentralized finance (DeFi). Many in the industry expressed support for Uniswap and its founder, Hayden Adams, while also criticizing SEC Chair Gary Gensler. Some called for clear regulation to enable the crypto industry to thrive in the U.S. rather than seeking success elsewhere.

via The Block|
#crypto-industry#cryptocurrency-regulation#defi
cryptocurrency2 years ago

Coinbase CEO boldly responds to SEC's Wells Notice.

Coinbase CEO, Brian Armstrong, responded firmly to the SEC Wells notice issued against the crypto company, stating that they are the same company as two years ago when the SEC approved their operations and going public. Armstrong said that Coinbase is willing and committed to working within the regulatory perimeter and would like to see a clear market structure for trading crypto securities. He concluded by saying that a Wells notice from the SEC is not constructive and is not good for America, and they are prepared to defend their position in court if necessary.

via Bitcoinist|
#coinbase#crypto#cryptocurrency
cryptocurrency2 years ago

Coinbase Executives Stand Firm Against SEC's Threats.

Coinbase executives, including founder Brian Armstrong and chief legal officer Paul Grewal, responded to the SEC's Wells notice in a video on YouTube and at Consensus 2023. Grewal argued that Coinbase's business has not changed since it was approved for listing on the Nasdaq stock exchange two years ago and that the company is already regulated. He also called for legislation or rulemaking if the SEC wants to expand its oversight over the industry. Armstrong reiterated that Coinbase is committed to working within the regulatory perimeter and is prepared to go to court to defend its position.

via Cointelegraph|
#coinbase#cryptocurrency#cryptocurrency-exchange
cryptocurrency2 years ago

Coinbase Fights Back Against SEC's Allegations and Lawsuit.

Coinbase has responded to the SEC's Wells notice, stating that an enforcement action against the crypto exchange would pose "major programmatic risks" to the SEC that would "fail on the merits." The SEC's warning to Coinbase noted that the regulator would allege Coinbase was offering and selling unregistered securities, in violation of federal law. Coinbase argues that proposed charges rely on "flawed and untested" theories involving investment contracts, spot markets, and custody services. Coinbase also issued a point-by-point repudiation of Howey's applicability to the exchange's staking service.

via CNBC|
#coinbase#cryptocurrency#howey-test
cryptocurrency2 years ago

Crypto Industry Leaders Speak Out on Regulatory Uncertainty and Future Growth

Coinbase CEO Brian Armstrong said the cryptocurrency exchange is preparing for a court battle with the U.S. Securities and Exchange Commission (SEC) after the regulator warned the company of potential violations of securities law. The SEC issued Coinbase with a Wells notice last month, which is often one of the final steps before the regulator formally issues charges. Armstrong accused the SEC of an "abdication of responsibility" and said the company is looking to invest more outside of the U.S., including relocating, if regulatory clarity is not provided.

via CNBC|
#coinbase#cryptocurrency#cryptocurrency-exchange
cryptocurrency-regulation2 years ago

SEC's Actions Against Coinbase and Crypto Investors Raise Concerns.

Coinbase's chief legal officer, Paul Grewal, has called the Wells Notice served by the US Securities and Exchange Commission (SEC) to the crypto exchange a sign that the regulator is hostile toward the industry as a whole. Grewal said that the notice is not just a shot at Coinbase, but at crypto as a whole, and that the industry needs to pay careful attention to the issue. The SEC has made a "preliminary determination" to recommend an enforcement action against Coinbase for allegedly violating securities laws.

via The Daily Hodl|
#coinbase#crypto#cryptocurrency-regulation
cryptocurrency2 years ago

SEC's Warning Puts Coinbase in Hot Water

Coinbase CEO Brian Armstrong and other team members addressed the SEC's Wells Notice in a Twitter space, stating that the company has had over 30 meetings with the SEC in the last 9 months and spent millions in legal fees. The forum did not allow for questions. Coinbase received the Wells Notice on Wednesday, which identified potential violations of securities law. The company's chief legal officer, Paul Grewal, stated that Coinbase will continue operating as usual and argued that the Wells Notice doesn't provide enough information for the exchange to respond to. After the news of the Wells Notice, Coinbase stock dropped 16%.

via MarketWatch|
#coinbase#compliance#crypto
cryptocurrency2 years ago

Coinbase and Algorand face staking reward suspension and SEC scrutiny.

Coinbase has discontinued Algorand (ALGO) staking rewards for retail customers, citing a reevaluation of its portfolio of products and services. However, Algorand Foundation CEO Stacy Waden claims that Coinbase informed them of the move due to recent regulatory scrutiny following a Wells Notice from the SEC. Coinbase denies this claim and says the decision is not related to regulatory developments. The change does not affect ALGO token trading and governance rewards for institutional investors. Coinbase is the latest crypto company to receive a Wells Notice from the SEC.

via Cointelegraph|
#algorand#coinbase#cryptocurrency
cryptocurrency2 years ago

Coinbase faces SEC scrutiny and market decline

Coinbase's stock dropped by as much as 20% after the US Securities and Exchange Commission (SEC) issued a Wells notice to the crypto exchange, stating that it may be violating securities laws. The notice relates to aspects of Coinbase's spot market, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet. The SEC has accused several crypto companies of selling unregistered securities in recent years, and Coinbase has until March 29 to respond to the agency's findings.

via CoinDesk|
#coinbase#crypto-industry#cryptocurrency
cryptocurrency2 years ago

SEC's Potential Lawsuit Against Coinbase Raises Concerns for Crypto Industry

Coinbase CEO Brian Armstrong has compared the SEC to "soccer refs" in a game of pickleball, criticizing U.S. regulators for not being able to "agree on the rules" of "this new game." Armstrong's comments came after the firm received a Wells notice, which he said "typically precedes an enforcement action." Both Armstrong and Coinbase's chief legal officer have criticized the SEC for not providing clear rules on crypto regulation and have welcomed the chance to use the legal process to provide the industry with regulatory clarity. The crypto community has widely condemned the recent notice, with many agreeing that the SEC has reversed its earlier position regarding Coinbase.

via Cointelegraph|
#coinbase#crypto-industry#cryptocurrency
cryptocurrency2 years ago

SEC's Threats Against Coinbase Shake Crypto Community Confidence

The SEC's action against Coinbase has sparked a debate in the crypto community over what it could mean for cryptocurrency in the US. Some have criticized the SEC for allowing Coinbase to offer staking rewards for several years before threatening to sue on claims of offering unregistered securities. Others have expressed solidarity with Coinbase and hope for a more constructive approach to collaborating with innovators while protecting consumers. The SEC's action has also been criticized for its impact on shareholders of Coinbase, a publicly traded company.

via Decrypt|
#coinbase#cryptocurrency#innovation
cryptocurrency-regulation2 years ago

SEC's Warning Sends Coinbase Stock Plummeting.

The SEC has issued a Wells notice to Coinbase, indicating that the exchange may be operating in violation of securities laws related to its spot market, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet. Coinbase has until March 29 to respond to the notice. The company has publicly criticized the SEC for its vague regulatory structure and has petitioned the regulator to explain how digital assets could fit within securities laws. Coinbase CEO Brian Armstrong tweeted that the company welcomes a legal process to provide clarity and demonstrate that the SEC has not been fair or reasonable in its engagement on digital assets. Shares of Coinbase were down more than 11% after-hours on Wednesday following the release of the news.

via CoinDesk|
#coinbase#cryptocurrency-regulation#digital-assets
business2 years ago

SEC's Actions Against Coinbase Shake Crypto Investors' Confidence

The SEC has issued a Wells notice to Coinbase, warning the crypto exchange of potential violations of U.S. securities law. Coinbase shares fell about 10% in extended trading on Wednesday. The potential civil action may seek injunctive relief, disgorgement, and civil penalties. Coinbase executives have pushed back against perceived overreach by the SEC, which has moved aggressively against the crypto industry since the collapse of FTX. Coinbase is looking for more regulatory clarity and is confident in the legality of its assets and services.

via CNBC|
#business#coinbase#crypto-industry