Staking as a service was also the catalyst behind Kraken's settlement with the SEC earlier this year. In addition to the Wells notice disclosure yesterday, Coinbase also informed customers on Wednesday that the company would be ending Algorand ( ALGO-USD) rewards through the Coinbase platform. Today's Wells notice also comes after Coinbase provided multiple proposals to the SEC about registration over the course of months, all of which the SEC ultimately refused to respond to.Īt this point it isn't entirely clear what the SEC will be bringing to the table but if we look at other clues, I think it's reasonable to assume Coinbase's staking services are going to be the main target. We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so. The SEC staff told us they have identified potential violations of securities law, but little more. Today's Wells notice does not provide a lot of information for us to respond to. According to Coinbase's blog post detailing the notice:
It seems fairly certain at this point that the two sides will be meeting in court and the company is left guessing what the exact battlefront will be. We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets.
With this notice, the SEC is telegraphing legal action and Coinbase appears ready for a fight : In response to the announcement, Coinbase shares traded down 14% after hours Wednesday and opened more than 20% off at the start of today's session. The war between the Securities Exchange Commission and the entire domestic cryptocurrency industry seems to be hitting a fever pitch after a post-market close Wells Notice disclosure from Coinbase ( NASDAQ: COIN) yesterday.
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