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The US Securities and Exchange Commission has issued a Wells notice to cryptocurrency firm Coinbase, recommending that the regulator take enforcement action.Coinbase stated in a March 22 blog post that the &#34;legal threat&#34; might affect the exchange&#39;s staking program, Coinbase Earn; listed digital assets; its wallet; or Coinbase Prime services. A Wells warning letter normally notifies a business that the SEC may take enforcement action, but Coinbase just offered &#34;potential violations of securities laws.&#34;&#34;We specifically requested that the SEC identify which assets on our platforms they believe may be securities, and they declined,&#34; said Coinbase chief legal officer Paul Grewal. &#34;Today&#39;s Wells notice also comes after Coinbase submitted various registration proposals to the SEC over the course of months, all of which the SEC eventually failed to reply to.&#34;Throughout the probe, the crypto exchange said its products and services would &#34;continue to operate as usual.&#34; Grewal criticized SEC Chair Gary Gensler&#39;s strategy of &#34;come in and talk to us,&#34; alleging that Coinbase met with SEC representatives &#34;more than 30 times over nine months&#34; but received little response on its recommendations.&#34;At no point during this review has the SEC expressed any concern about a single asset on our platform.&#34; Moving to a Wells notice now is, to say the least, unusual.&#34;Coinbase filed a petition with the SEC on March 20 in an attempt to explain to the agency why staking is not always deemed a security. The exchange argued that none of its listed assets were securities under the SEC&#39;s jurisdiction, and that any prospective targeting of its wallet was based on the SEC&#39;s &#34;misunderstanding of crypto products, assets, and services.&#34;The SEC earlier announced a settlement with Kraken under which the cryptocurrency exchange agreed to discontinue its staking program for US users. The Wells letter came on the heels of the SEC announcing a case against Justin Sun and several celebrities for the offering, sale, and promotion of Tron $0.0616 and BitTorrent (BTT).

Coinbase Could Face SEC Enforcement Action For 'potential violations of securities law'

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