Key Points:
Executive director Brian Armstrong has confirmed that their exchange will not delist tokens warned by the SEC, business operations will continue as normal, and the exchange’s staking service will not be suspended stop working.
On Tuesday, the Securities and Exchange Commission sued Coinbase, alleging that at least 13 tokens listed on its platform are securities. Names include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
Armstrong affirmed that Coinbase will not face the risk of “bank run” like other platforms. All customer deposits are guaranteed. “As a public company, we have auditors verifying all of that,” the CEO said.
The SEC has accused Coinbase of operating its crypto asset trading platform as an unregistered and unregistered exchange offering and selling its staking program.
Earlier, Brian Armstrong also said that the last time he met with the Chairman of the US Securities and Exchange Commission, Gary Gensler, was in a “cold” virtual meeting that failed and did not come to any conclusion about compliance.
America’s largest cryptocurrency exchange is putting itself ahead of a protracted regulatory battle that could lead to sweeping changes across the industry.
Unlike Coinbase, Binance.US, which the SEC sued on Monday, halted free trading and delisted some trading pairs on Wednesday – the SEC sued Binance and Binance CEO Changpeng Zhao for securities violations with a report covering 13 counts.
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