Brian Armstrong shared that Coinbase is fully prepared for a years-long legal battle with the SEC following the regulator's warning over potential securities law violations.
United States cryptocurrency exchange Coinbase is gearing up for a lengthy legal battle with the Securities and Exchange Commission after the regulator warned the company of potential securities law violations, CEO Brian Armstrongon March 22, indicating a possible enforcement action. The notice is usually the last step before the regulator files charges.
“We’ve met with them over 30 times in the last year … never got a single piece of feedback from them about what we can be doing better or differently, and then this Wells Notice arrived. I think we’re going to have to actually end up going to court to get the clarity we need and create the case law.”
Armstrong said his company is prepared for a lengthy battle with the SEC, if necessary. Armstrong explained to CNBC that while litigation is not a preferred outcome, Coinbase may need to go to court to gain the clarity it requires. The CEO also criticized the SEC's lack of clarity for companies in the crypto industry, accusing the regulator of an"abdication of responsibility" and failing to publish a clear rulebook for the market.
During a fintech event in London on April 18, Armstrong revealed that Coinbase might consider relocating from the U.S. due to the lack of regulatory clarity. He mentioned that the company is currently looking at other markets, with the
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