Coinbase vs SEC? It’s on! They’re like, fighting, and stuff!

[CryptoButthead.com , April 27, 2023] Uh huh huh, hey dudes, listen up! Coinbase is like in a lotta trouble with the SEC, dudes! They’re trying to like, avoid getting sued and stuff. They’re like telling the SEC that they’re not an easy target and that they’ll exhaust all avenues to fight back.

But, uh, they’re still trying to avoid getting sued, ya know? According to their Chief Legal Officer, they didn’t even want to fight in the first place, man.

When the SEC was asked about Coinbase’s response, they didn’t really say anything, ya know, they usually don’t.

Coinbase and the SEC have been at each other’s throats for a while now. The SEC thinks most digital assets are securities and that the rules are clear. Coinbase thinks the SEC isn’t making an effort to understand their industry and should make clearer rules for digital assets.

Things got really bad after Coinbase got the SEC’s Wells notice, which identified a bunch of securities law violations, like allegedly operating an unregistered exchange, clearing agency, and broker, dude.

So, Coinbase took a different approach and sued the SEC earlier this week, asking a court to make them respond to a rulemaking petition they submitted last year.

It looks like the SEC will still do their own thing, though. Coinbase warned that suing them will make the SEC’s own practices look bad, especially their refusal to let Coinbase use an alternative trading-system license.

The SEC is putting pressure on Coinbase to register as a national securities exchange and clearing agency, which might force Coinbase to change their entire business, man. That could be like, really bad for them.