Tr?id=566623520170033&ev=PageView&noscript=1

Coinbase Receives SEC Wells Notice Regarding Intent to File Suit Over Crypto Offerings

Posted on March 30th, 2023 at 1:20 PM
Coinbase Receives SEC Wells Notice Regarding Intent to File Suit Over Crypto Offerings

From the desk of Jim Eccleston at Eccleston Law 

Coinbase Global announced that it has received a Wells Notice from the Securities and Exchange Commission (SEC) declaring the regulator’s intent to file an enforcement action against the cryptocurrency exchange.

SEC Chairman Gary Gensler repeatedly has taken the position that numerous tokens and products currently offered by cryptocurrency companies constitute securities that must be registered with the regulator. Coinbase announced that the notice implicates certain parts of its exchange as well as the staking service Coinbase Earn and Coinbase Wallet. A Wells Notice provides an opportunity to rebut the SEC’s accusations.

Coinbase announced that its products and services will continue to operate as usual for now, according to Paul Grewal, chief legal officer of Coinbase. Coinbase has maintained the position that its tokens and products do not constitute securities. Coinbase previously received a Wells Notice in 2021 when the SEC warned the company that its proposed “Lend” product, which would have permitted users to earn interest by lending out their cryptocurrency holdings, constituted security. Coinbase subsequently abandoned the launch of its “Lend” product.

 

Eccleston Law LLC represents financial advisors and investors nationwide in securities, employment, transition, regulatory and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

1793123026 Law
October 27, 2026
CFTC Seeks Public Comment on Proposed Crypto Asset Regulatory Framework

The Commodity Futures Trading Commission (CFTC) has issued an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public comment on a potential regulatory framework for retail commodity transactions involving crypto assets, which the agency calls "CTXs." According to the CFTC's press release, the initiative focuses on Section 2(c)(2)(D) of th...

1793034027 Law
October 26, 2026
FINRA Bars Former Wedbush Broker Over $3.5 Million in Complex ETP Losses

The Financial Industry Regulatory Authority (FINRA) barred former Wedbush Securities broker William H.

1792610544 Law
October 21, 2026
FINRA Fines and Suspends Former LPL Broker Over Undisclosed Customer Settlement

The Financial Industry Regulatory Authority (FINRA) fined former LPL Financial broker Gregory W.