SEC and Coinbase : Brian Armstrong and Paul Grewal give a Wells Response

Coinbase platform executives Brian Armstrong and Paul Grewal, founder and general counsel of Coinbase respectively, have spoken out on the Wells Notice issued by the Securities and Exchange Commission (SEC). In their opinion, the SEC’s inaction is “bad for America“.

Indeed, while the industry is gathered at the Consensus conference, Gary Gensler responds with irony in a video posted on social networks. And the president of the agency to make a scathing parallel with a goldfish.

Paul Grewal defended his company in the video by saying that fundamental commitment to regulatory compliance has always been a priority for the exchange.

A Wells response to the SEC

The video, then named by Armstrong as a “Wells Response,” allowed them to publicly confirm their desire to cooperate with U.S. justice.

In addition, Brian Armstrong admits that he was well aware that building his company in the United States would be a difficult task.

Indeed, being divided into several hundred states, the regulations are all the more complicated to put in place.

Nevertheless, he chose the USA, in order not to run away from the responsibilities and to confirm his objective which is to create a freer economic world.

“We will work with several regulators to make this industry safe and reliable. And a Wells Notice at this point, when there is not a clear rule book it is not constructive and it is not good for America.” Says Brian Armstrong.

They insist that they are willing to work hand in hand with regulators, including the SEC.

The publication has, not surprisingly, provoked an avalanche of responses and criticism on Twitter. The head of the SEC believes he has the law on his side, and also Congress. To regulate, the latter has identified 30 objects subject to securities legislation, including investment contracts.

Finally, Brian Armstrong continues to proudly defend the industry and provides a petition and a mint of NFT, in order to “promote the pro-crypto policy“. The petition has reportedly already gathered over 40,000 signatories.