Brian Armstrong, the CEO of Coinbase, the largest US-based crypto exchange, has recently stated that the exchange is prepared to face the United States Securities and Exchange Commission (SEC) in court.
The CEO made this known after Coinbase received a Wells Notice from the Securities Watchdog in March, which stated that the agency was preparing to file an enforcement action against the exchange for allegedly violating securities laws in the country.
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In a new interview with CNBC, Armstrong stated that the exchange did not receive any notification before the notice was issued.
The CEO added that the SEC failed in its responsibility to establish clear standards for the crypto market, making the court the last resort for the needed clarity.
In the course of the conversation, Armstrong made it clear that Coinbase is prepared for a lengthy battle with the SEC in case the lawsuit will take years to conclude, such as that of Ripple in relation to XRP security status.
He’s also optimistic that the exchange has all it takes to win the SEC in court.
Brian Armstrong noted:
“Over the last year, we had 30 meetings and never got a single piece of feedback from them about what we could be doing better or differently and then this Wells Notice arrived, so it’s really unfortunate…
“I think we’re gonna have to actually end up going to court to get the clarity we need and create that case law. It’s an abdication of responsibility. I mean, the regulator’s job is to publish a fear rulebook and allow that market to be safe, also to flourish in that country and I think they’ve completely abdicated responsibility…
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“We never seek litigation but it seems in this case that they have initiated it and if we need to get the courts to get the clarity that we need, we’re very prepared to do that…
“I think the law is on our side and the SEC has to follow rule of law. I think their actions would not be sympathetic to a jury and so we’re very prepared for this. We’re going to court to win. Just to be clear, I think we have a very strong case and that’s exactly what we intend to do.”
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