Coinbase Denies Selling Securities, Commence Filing of Brief in The SEC Wahi Case
As it stands, Coinbase, one of the world’s biggest cryptocurrency exchanges, has commenced its amicus briefing today. The briefing is said to revolve around the earlier disparity between them and the Security and Exchange Commission on the issue of whether the company (Coinbase) is eligible to sell securities to its customers.
But in a statement made available to the press, Coinbase claimed that the SEC had restricted their customers from answering for their listing decisions which are also stipulated in the latest regulation. This led to an announcement today that the exchange (Coinbase) has filed an amicus that supports a motion that asks the court to strike out the case presented by SEC.
During the briefing, Coinbase reportedly scowled at the defendant’s behavior while defending the motion. The former product manager of Coinbase, Ishan Wahi, his friend, and other parties involved in the matter were being investigated, and Coinbase claims that it has complied with the process.
Meanwhile, Coinbase has also maintained its early claim that it has not sold and is currently not in the business of selling securities. The company also went ahead to formally request that it would like to partake in the business of selling these digital securities.
Coinbase Application Explained
According to information acquired from influential industry players. Coinbase indicated in its application to join its peers in the sale of digital assets securities that it would like to expand its business to include the sale of digital securities such as tokenized equities. The Securities and Exchange Commission may be the only body that may approve such operational licenses and other regulatory standards.
As of the time of this report, the defendants had not been charged under any security-related laws by the U.S. Justice Department. Meanwhile, it was reported that the troubled Ishan Wahi and his siblings had admitted guilt to the accusations leveled against them.
While explaining to the court that it doesn’t sell securities, Coinbase, through its attorney, said that SEC will have to approve its public shares listed in 2021. It was also observed that they (Coinbase) did not add that its business model did not permit the sales of digital securities, nor did it say that it did one.
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