2 years ago
Several notable cryptocurrency manufacture figures person travel to the defence of Coinbase pursuing the company’s receipt of a Wells notice.
Polygon comes to the defence of Coinbase
The Wells announcement received by Coinbase indicates that the U.S. Securities and Exchange Commission apt intends to record charges against the exchange.
In response, Polygon Labs president Ryan Watt said successful a March 23 tweet that the crypto manufacture “must basal down Coinbase.” He noted that though Coinbase has gained the spot of the public, regulators and politicians “have eroded that trust.”
Watt further noted that many large companies specified arsenic Starbucks, Meta, and Nike person made usage of nationalist blockchains specified arsenic Polygon. He said that these large partnerships supply countless economical and occupation opportunities and warned that companies volition alternatively enactment with blockchain firms overseas if regulators clamp down connected the industry.
Polygon’s autochthonal token (MATIC) is listed connected Coinbase.
David Marcus sides with Coinbase
David Marcus, erstwhile caput of Meta’s crypto projects, acknowledged Coinbase’s engagement with regulators and its willingness to “play by the rules.” He lamented that cooperative companies are treated much harshly by regulators than those that perpetrate fraud, noting that the now-collapsed FTX exchange did not acquisition regulations truthful strict.
Like Coinbase, Meta’s ain Diem cryptocurrency task was affected by overregulation. This was 1 origin that led Diem to unopen down successful January 2022.
Other manufacture leaders comment
Jake Chervinsky, Chief Policy Officer of the Blockchain Association, also acknowledged that Coinbase spent an “extraordinary amount” of resources moving with the SEC. The Blockchain Association said it “stands successful support” of Coinbase.
Elsewhere, Ryan Selkis, CEO of crypto probe steadfast Messari, sent a missive to members of Congress asking for just regularisation for the crypto industry. Though his missive does not notation Coinbase directly, it was seemingly prompted by the Coinbase Wells announcement arsenic it was composed connected the aforesaid day. It was aboriginal re-tweeted by Coinbase CEO Brian Armstrong.
Justin Slaughter, Policy Director of the crypto-focused VC steadfast Paradigm, besides commented connected the situation. Slaughter antecedently held positions with the U.S. SEC and CFTC and suggested that immoderate individuals successful authorities are privately sympathetic to Coinbase.
Though the SEC has not yet filed charges against Coinbase, the institution intends to combat the SEC successful tribunal if charges are so filed. If and erstwhile that happens, different crypto companies and leaders volition apt travel to Coinbase’s side.
The station Polygon, ex-Meta executives support Coinbase pursuing SEC Wells notice appeared archetypal connected CryptoSlate.
English (US) 