Coinbase said it had received a notice of its legal action plan (Wells Notice) from the United States Securities and Exchange Commission, or SEC.
In a blog post on March 22, Coinbase said “Legal Threats” may target Coinbase Earn staking programs, digital asset listings, wallets, or Coinbase Prime services. The notice warns the company that the SEC may enforce the law, but Coinbase did not provide any details other than “Potential Violations of Securities Laws”
“We ask the SEC to identify which assets on our platform they believe may be securities. But they refused to do so,” Coinbase Chief Legal Officer Paul Grewal said. All of which the SEC ultimately refused to respond to.”
Coinbase confirmed that its products and services will Grewal rejected an approach often cited by SEC chairman Gary Gensler — such as “come in and talk to us” — claiming that Coinbase has met with SEC representatives “more than 30 times. in nine months,” but most of them did not receive any feedback.
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