,

Coinbase CEO responds to SEC suit, says team is ‘confidant’ in facts and law

Coinbase CEO with coinbase logo behind and law symbol background.

Coinbase CEO Brian Armstrong has responded publicly to the United States Securities and Exchange Commission (SEC) lawsuit against his company. Stating in a tweet that the team is “confident in our facts and the law” and that it welcomes the chance “to finally get some clarity around crypto rules” in court.

The SEC filed suit against crypto exchange Coinbase on June 6, alleging that the company has been operating a securities exchange, broker-dealership and clearing house without registering with the commission. In its filing, it argued that 13 different cryptocurrencies sold by Coinbase fit the definition of securities. Including Cardano, Solana, Polygon, Filecoin and others.

In his Twitter response, Armstrong claimed that the lawsuit against Coinbase is “very different from others out there,” as it is “exclusively focused on what is or is not a security.” This makes the team “confident in our facts and the law.” He claimed that the U.S. government can’t even agree with itself as to which cryptocurrencies are securities, as “the SEC and CFTC [Commodity Futures Trading Commission] have made conflicting statements.”

Armstrong expressed hope that court proceedings will allow crypto exchanges to “finally” get clarity on how to comply with securities laws. He also praised recent attempts by Congress to pass crypto legislation. Stating that “this is why the US congress is introducing new legislation to fix the situation.”

In his Twitter response, Armstrong claimed that the lawsuit against Coinbase is “very different from others out there,” as it is “exclusively focused on what is or is not a security.” This makes the team “confident in our facts and the law.” He claimed that the U.S. government can’t even agree with itself as to which cryptocurrencies are securities, as “the SEC and CFTC [Commodity Futures Trading Commission] have made conflicting statements.”

Armstrong expressed hope that court proceedings will allow crypto exchanges to “finally” get clarity on how to comply with securities laws. He also praised recent attempts by Congress to pass crypto legislation, stating that “this is why the US congress is introducing new legislation to fix the situation.”

Source