U.S. Securities and Exchange Commission (SEC) warned to launch enforcement against the nation's largest crypto exchange, Coinbase. On that basis it is no wonder that there are rumors that cryptocurrency leaders are showing their support in favor of Coinbase as it is estimated that the exchange will face the same fate.
Stuart Alderoty, Chief Legal Officer, the parties leading Ripple Labs and Defendants in the long-running legal battle with the US SEC hinted at showing support for Coinbase.
When the commission sent the Wells Notice to the crypto exchange, Coinbase, Ripple's lawyer issued a statement that "my enemy is my friend".
Coinbase's Chief Legal Officer mentioned that they received the Wells Notice from the commission after years of searching for reasonable regulation of crypto-assets. Only a sense of disappointment can be recorded because the US SEC is considering the court order and does not want to form a constructive dialogue. However, he assured that Coinbase will cooperate well.
Grewal emphasized that over the past 9 months, the US SEC and Coinbase have met more than 30 times. This meeting involves the direction of crypto exchanges. He claimed that the commission did not provide any feedback or policy on what needs to be changed or how to register the exchange.
