The tension between Coinbase and the SEC heated up following the regulator’s concerns about its involvement in Celsius Network’s bankruptcy.
The SEC said Coinbase’s involvement in Celsius bankruptcy plans implicates concerns it raised in its lawsuit against the exchange.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Tensions between Coinbase and the Securities and Exchange Commission heated up Monday, following fresh concerns from the regulator about the crypto exchange's involvement in Celsius Network’s bankruptcy plan.
Celsius plans to use Coinbase to distribute crypto for international customers and wants the court's approval for a series of agreements with the exchange, the SEC said in a Friday"However, the Coinbase Agreements go far beyond the services of a distribution agent, contemplating brokerage services and master trading services that implicate many of the concerns raised in the SEC's District Court action against Coinbase," the SEC said.
"Coinbase is proud to engage with Celsius to distribute crypto back to its customers. I wonder, why would the SEC object to a trusted US public company taking on this role?" Coinbase Chief Legal Officer Paul Grewal posted on X on Monday.
Others, too, have objected to Celsius’ plan over the past few days, including the U.S. Trustee which reiterated concerns fromover whether creditors have enough information to help them make an informed decision to approve the plan or not. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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