Coinbase CEO Brian Armstrong Reiterates Its ‘Stake’ Products Are Not Securities In a television interview with Bloomberg on March 1.
Armstrong saythat “our Stake products are not securities”
“Customers never send those assets to Coinbase and we actually provide them through them to help them participate in stakes, it is a decentralized protocol.”
Armstrong’s explanation echoed the approach received by Coinbase’s chief legal officer, Paul Grewal, who told shareholders last month that stake products are fundamentally different from the yield products the SEC is aiming for. Implemented the latest SEC enforcement action against Kraken.
After dealing with Kraken, the SEC turned its attention to Coinbase’s products. In particular, regulators are investigating whether Coinbase’s stake products meet the legal definition of a securities under the US Securities Act.
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