Crypto Community Rallies Behind Coinbase Amid SEC Wells Notice

  • Notably, Polygon Co-Founders Sandeep Nailwal and Jynti Kanani publicly declared their support for Coinbase.
  • Some netizens took the opportunity to criticize Coinbase’s asset review policy and their decision to delist XRP.

Following the disclosure of the SEC’s Wells notice, the cryptocurrency community has come out in support of Coinbase. Paul Grewal and Brian Armstrong of Coinbase tweeted threads about the issue. The majority of the community is in support of Coinbase, but some internet users have voiced their complaints about the business.

Notably, two of Polygon’s Co-Founders Sandeep Nailwal and Jynti Kanani shared their support for Coinbase on Twitter. Nailwal noted that Coinbase was the gold standard of compliance in the crypto space, emphasizing the SEC’s seemingly redundant actions. Meanwhile, Kanani expressed his heavy support for Coinbase and the entire crypto industry.

In general, it appears that more people in the community support Coinbase. The majority of internet users tweet about how Coinbase has adhered to the rules strictly since Day One and how Armstrong has done more for the community than anyone else. Others have criticized the SEC for the Wells Notice, calling them a greedy organization out to get money.

However, some critics within the cryptocurrency community have also voiced their disapproval of Coinbase. Netizens highlight the fact that Coinbase’s delisting of XRP was pointless because the SEC attacked them regardless. Additionally, some have seized the chance to draw attention to all the awful coins listed on the platform by picking apart Armstrong’s Twitter thread and his reference to a “rigorous asset review process.”

On March 23, Coinbase CEO and Co-Founder Brian Armstrong tweeted about the SEC issuing a Wells notice to the company. Armstrong elaborated that the notice focused on staking and asset listings, and these notices often resulted in enforcement action.

Similarly, Coinbase Chief Legal Officer Paul Grewal also tweeted a thread detailing the SEC’s Wells Notice. Grewal, on the other hand, concentrated on the legal aspects of the situation, claiming that Coinbase had met with the SEC over 30 times in the previous nine months without receiving any feedback.

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