The bitcoin exchange Coinbase does not plan to stop offering services or to make adjustments to its listings in response to the SEC‘s claims, according to management.
On June 6 the regulator filed a civil lawsuit against the company. The commission accused Coinbase of unregistered securities offerings in the form of several tokens on the trading platform.
The regulator also targeted Coinbase Earn’s staking program.
“We are not going to shut down our staking service. Again, as these lawsuits unfold, it’s really just business,” said Coinbase CEO Brian Armstrong at the Bloomberg Invest Conference, according to CoinDesk.
He noted that the program accounts for about 3% of the exchange’s overall net revenue.
Chief Legal Officer Paul Grewal told The Block in an interview that the company has not yet decided to delist any assets. He said the exchange adds cryptocurrencies to the platform only after careful analysis and is confident in its choices.
“We believe we are not just dealing with a legal, but with an extremely positive and productive business. Therefore, until we are convinced that everything we do is not in violation of the law, we will continue to operate as usual,” Grewal stressed.
Armstrong rejected concerns about the company’s financial resilience in the event of a mass withdrawal of assets by investors.
“All funds are backed one-for-one. As a public company, we have auditors who have checked everything,” he assured.
Grewal called the SEC’s approach to regulating the crypto industry “undermining the United States’ competitiveness”.