coinbase Global CEO Brian Armstrong said on Wednesday that the crypto The exchange has a long history of being transparent with the US Securities and Exchange Commission.
Armstrong was speaking in an interview with CNBC, a day after the company was accused by the US securities regulator of failing to register as an exchange.
Armstrong said, “The SEC allowed us to become a public company … So, it’s not great to have a regulator come back and say, actually, we changed our mind.”
The Securities and Exchange Commission (SEC) alleged Coinbase traded at least 13 crypto assets that are securities that must be registered, such as tokens. solana, cardano And polygon,
Shares of Coinbase rose nearly 1 per cent to $52.03 (about Rs 4,000) on Wednesday.
Stock plunges nearly 20 percent since SEC sues Coinbase and rival binance Alleged securities law violations, wiping out roughly $3 billion (roughly Rs. 24,800 crores) from Coinbase’s market cap.
According to data from analytics firm Ortex, short sellers have made around $463 million (roughly Rs. 3,800 crores) in paper profit betting against Coinbase over the past two sessions.
Meanwhile, the US Securities and Exchange Commission has accused the company of operating illegally as it failed to register as an exchange. This is the SEC’s second lawsuit in two days against a major crypto exchange, following its case against the world’s largest cryptocurrency exchange, Binance, and founder Changpeng Zhao.
Crypto companies say the SEC rules are unclear, and that the agency is trying to regulate them. On the other hand, ten US states, led by California, also accused Coinbase of violating securities laws on Tuesday with regard to its staking rewards program.
© Thomson Reuters 2023