Even in the middle of the prolonged crypto winter, platform founder Brian Armstrong has maintained his optimism and resolve.
Cryptocurrency investors are struggling through a prolonged gloomy spell made worse by ongoing regulatory concerns. Meanwhile, despite the poor crypto circumstances, Coinbase co-founder and CEO Brian Armstrong expressed optimism, saying that the company will “navigate the deep waters of the long crypto winter.”
Since FTX’s demise, negative tendencies have dominated the cryptocurrency market, sending prices for even the most widely held digital assets down. Furthermore, the Securities and Exchange Commission (SEC) has been filing lawsuits against numerous digital assets and crypto platforms over the last several months, tightening its regulatory grip.
According to the SEC’s lawsuit from earlier this year, Coinbase was “an unregistered national securities exchange, broker, and clearing agency.” According to the SEC’s accusations, Coinbase is not a registered cryptocurrency exchange.
The SEC claims that Coinbase has illegally profited by the billions since at least 2019 by acting as a middleman in the purchase and sale of crypto asset securities. Coinbase, according to the SEC, is violating federal law by failing to register as necessary to perform the activities of an exchange, broker, and clearing agency.
Despite Coinbase’s move to dismiss the complaint in the U.S. District Court for the Southern District of New York, the SEC has now filed a response asking the court to reject Coinbase’s request. Coinbase reaffirms its position on pushing on with its optimistic thoughts despite the protracted legal battle and regulatory obstacles. When asked to restate Coinbase’s resolve, Armstrong said,
“We at Coinbase continue to grow regardless of whether the cryptocurrency market is experiencing a “winter” or not. Important goals take decades to accomplish, and there will be many ups and downs along the road. Consistency and tenacity lead to success.”
Coinbase, the biggest Bitcoin owner, has almost one million BTC worth $25 billion in its portfolio, according to blockchain intelligence platform Arkham Intel. Ether, Chainlink, and USDC are just some of the other big cryptocurrencies said to be stored on the site.
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