Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, says the company is ready to go to court and take on the Securities and Exchange Commision of the United States (SEC).
The announcement follows the regulator’s Wells Notice, which stated that it was considering taking enforcement action against Coinbase for potentially breaking US securities laws, which was sent to the exchange last month.
Armstrong claims that before the warning was published, Coinbase was not made aware of any problems in a new interview with CNBC.
It’s terrible because after holding 30 meetings over the past year, we never received a single piece of input from attendees regarding how we might be able to improve or change our approach.
The court’s ruling, according to Armstrong, is being used to provide the necessary clarity because the SEC failed to uphold its duty to provide clear guidelines for the market.
“I believe that in order to gain the clarity we require and establish that case law, we will eventually have to appear in court. The obligation has been abandoned. The regulator, I mean, has entirely abdicated their duty to release a fear rulebook and permit the market to be secure and to thrive in that nation.
If the lawsuit goes on for years, Armstrong claims they are ready for a protracted legal battle with the SEC.
“We never seek litigation, but it appears that they have done so in this case, and if we need to go to court to get the clarity that we need, we’re very prepared to do that,” the spokesperson said.
Additionally, the CEO believes that Coinbase will probably prevail in court if a lawsuit is filed.
“The SEC must abide by the law, and I believe the law is on our side. We are well-prepared for this because I don’t believe a jury would find their behaviour to be sympathetic. In court, we want to prevail. To be clear, we believe we have a good case, and that is exactly what we intend to accomplish.