Coinbase Chief Legal Office: SEC’s Wells Notice A Huge Overreach

Coinbase seems to make the headlines again following the latest reports. Check them out below.

Coinbase’s chief legal officer Paul Grewal says that the Wells Notice served by the U.S. Securities and Exchange Commission (SEC) to the crypto exchange is a sign that the regulator is hostile toward the industry, according to the latest reports from

It’s also worth noting the fact that last week, the SEC sent a Wells Notice to Coinbase, which said that the regulator has made a “preliminary determination” to recommend the agency file an enforcement action against US-based crypto exchange for allegedly violating securities laws.

In an interview with podcaster Laura Shin, Grewal explained the reasons for which the SEC’s Wells Notice is now a fight for all of crypto.

“If responsible with serious AML [anti-money-laundering] and KYC [know-your-customer] programs, publicly listed, that are filing petitions for rulemaking and attempting to engage with the government can be treated in this fashion, nobody else is safe either.”

He continued and said the following:

“And I think it’s important to understand that this is not just a shot at Coinbase. This is a shot at crypto as a whole. And so, we will certainly do our part to defend against, what we think, is massive overreach on the part of the commission.”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $27,568.

According to the latest reports, it seems that the widely followed crypto strategist Benjamin Cowen is laying out the path forward for Bitcoin (BTC) after the Federal Reserve raised interest rates by 25 basis points.

Cowe said recently that Bitcoin is likely to experience choppy price action roughly between the $15,500 and $29,000 zone going forward.

“My expectations for this year are very tempered. I think it’s going to be a relatively choppy year. I know that there’s been a lot of excitement recently…” Check out our previous article in order to learn more details.