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paulgrewal.eth Profile picture
@iampaulgrewal
Apr 27 • 7 tweets • 3 min read Twitter logo Read on Twitter
Today, Coinbase is sharing our response to the SEC’s Wells notice from last month. 1/7 coinbase.com/blog/coinbase-…
At the time when we went public we had detailed discussions with the SEC about the very aspects of our business that are now--two years later--the subject of the Wells notice. Nothing has changed. 2/7
While the SEC claims the rules are clear, they clearly are not. The CFTC and SEC have issued conflicting views; Courts have questioned the SEC's lack of guidance; and the SEC itself, just last week, couldn't answer basic questions before Congress. 3/7
Earlier today I joined @nikhileshde to talk about this in detail, and I shared this excerpt from a video @brian_armstrong and I recorded as part of our Wells response. 4/7
I’ll be joining @BanklessHQ at 2pm PT later today to dive in a bit more. 5/7 m.youtube.com/live/XEtpcxqpy…
For anyone who cares about clear crypto regulation, sign up for #Crypto435 – nearly 40,000 other people from all 435 Congressional Districts are already making their voices heard on crypto policy. 6/7 coinbase.com/public-policy/…
And mint your Stand with Crypto shield NFT today. 7/7 zora.co/collect/0x9d90…

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More from @iampaulgrewal

paulgrewal.eth Profile picture
Apr 25
Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry. 1/4 coinbase.com/blog/coinbase-…
The SEC is required by law to respond to petitions “within a reasonable time,” but they have not yet responded to our petition from last July, which is why we filed our action in court today. 2/4
It's obvious that there’s a lack of clarity among our regulators regarding crypto, as even the chair of the SEC has declined to say which crypto assets are securities. 3/4
Read 4 tweets
paulgrewal.eth Profile picture
Apr 5
A few months ago, Coinbase backed a legal challenge to sanctions imposed by the US govt against Tornado Cash. Today the plaintiffs filed a motion for summary judgment, asking the court to reopen TC for all. Their arguments are simple but powerful. 1/10 assets.ctfassets.net/c5bd0wqjc7v0/5…
An initial point: anytime we give privacy to everyone, there is a risk that privacy could be abused by anyone. But the Constitution and laws of our country recognize that we don’t take away privacy from all just because of the unlawful acts of a few. 2/10
The plaintiffs in this challenge are among the thousands of law-abiding Americans who want to protect their privacy online, but now can’t because of the govt’s sanctions. 3/10
Read 11 tweets
paulgrewal.eth Profile picture
Mar 22
Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15 coinbase.com/blog/we-asked-…
Over the past 9 months, CB has met with the SEC more than 30 times, sharing details of our business to build a path to registration. During this time, the SEC hasn't given basically 0 feedback on what to change, or how to register. Instead, today we received a Wells notice. 2/15
When CB filed to go public in 2021, our S1 described our business in much detail, including 57 references to staking and details on our asset listing process. The SEC approved us to go public, knowing those details. Now they have changed their mind on what is allowed. 3/15
Read 17 tweets
paulgrewal.eth Profile picture
Mar 21
Today, @Coinbase submitted a comment letter to our July 2022 SEC petition for rulemaking. We explain why core staking services--those that serve as a pass-through for rewards--are not securities offerings. assets.ctfassets.net/c5bd0wqjc7v0/3… 1/25
Most importantly, core staking services are not an offering of securities; they’re just software services. Paying someone a fee to take a chore off your hands doesn’t make something a securities transaction. 2/25
In the press release announcing the Kraken settlement with the SEC, the Chair said “Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.” 3/25
Read 25 tweets
paulgrewal.eth Profile picture
Mar 15
Everyone committed to the rule of law should read J. Wiles' Voyager decision. These are remarkable statements from a federal court with no skin in the game other than calling things as they are.🧵⬇️ /www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
"There are firms that operate as cryptocurrency brokers or exchanges, and have done so for several years, without being subject to clear and well-defined regulatory requirements."
"Regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC, or whether they are securities... subject to securities laws, or neither, or even on what criteria should be applied in making the decision."
Read 4 tweets
paulgrewal.eth Profile picture
Mar 14
Last week I testified to Congress about Coinbase’s futile effort to register with the SEC so we can begin to offer digital asset securities. Today we filed an amicus brief in SEC v. Wahi that explains why this misguided suit only makes things worse. 1/5
assets.ctfassets.net/c5bd0wqjc7v0/6…
Coinbase doesn’t list securities but we would like to. We even petitioned the SEC to begin rulemaking on this issue last year. We put forward 50 questions that would need to be answered for us to list securities – we haven’t heard back on any of them. 2/5 coinbase.com/blog/the-crypt…
Instead of focusing on practical, lasting solutions like developing rules or registration options, the Commission has prioritized actions like this one that distort the legal definition of an investment contract beyond recognition. 3/5
Read 5 tweets

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