Coinbase CEO confident they’ll “get the job done” against SEC in court

News of the Securities and Exchange Commission filing a lawsuit against Coinbase dominated the crypto space on Tuesday. As invezz.com reported, SEC alleged that Coinbase has been operating as an unlicensed broker, exchange, and clearing agent.

It didn’t take long for Coinbase chief Brian Armstrong to react to the allegation. The CEO remained confident about the impending battle with the SEC. He stated that they are ready to represent cryptocurrency against watchdogs in court to ensure regulation clarity.

Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.

Remember:
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to "come in and…

— Brian Armstrong (@brian_armstrong) June 6, 2023

Coinbase reacts to SEC lawsuit

Coinbase CEO highlighted multiple facts about the latest SEC charges. He mentioned that the securities regulator authorized them to go public after reviewing the exchange’s business in 2021.

Armstrong stated that Coinbase made many attempts to register securities. However, the SEC rejected most assets as “there’s no” laid procedure to get such certificates.

Also, he highlighted conflicted statements that the CFTC (Commodities Futures Trading Commission) and the SEC made. Armstrong believes congressional mediation is essential, saying that Congress contemplated new regulations to solve the issue.

Exchange giants face lawsuits

The SEC lawsuit against Coinbase comes one day after the regulator sued exchange Binance. The Securities and Exchange Commission allegedly charged Binance and CZ for violating securities laws.

Meanwhile, as invezz.com reports show, the crypto community is against SEC’s latest moves against crypto exchanges. Also, Changpeng Zhao seemed to criticize the lawmakers with his latest tweet.