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Coinbase exchange threatened by US SEC, CEO responds

 


One of the popular cryptocurrency exchanges, Coinbase is facing a threat from the United States Securities and Exchange Commission. The large independent agency of the U.S. federal government is planning to sue the crypto exchange over the matter of the lending product. But according to Coinbase, it does not have any idea about why it would face the wrath of the U.S. SEC. 


SEC To Sue Coinbase Exchange


As per the revelations by the crypto trading platform Coinbase, it got a notice from the SEC via Wells notice regarding its planned lending product program. A Wells notice is the official method through which a company is told by the regulator to sue it in court. According to the CEO of exchange Brian Armstrong, if the matter reaches the court then it will end up in transparency in regulation that has been refused by SEC. 


Mark Cuban speaks on the matter


Mark Cuban, the star of the popular reality show Shark Tank, and the owner of Dallas Mavericks also gave his opinion on the matter. He told Brian that it is a war between Regulation and Litigation. According to Mark, the SEC is incapable of doing this for themselves and is scared to commit the blunder. Hence, the only way out they would opt is to leave the matter to their lawyers. 


Stay abreast with Cryptoknowmics to get more such updates and topics like Luna price prediction for 2021, and the next five years. 



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