Coinbase’s chief legal officer questions SEC’s Wells process in legal dispute | Headlines | News | CoinMarketCap

05/14/2024 12:50
Coinbase’s chief legal officer questions SEC’s Wells process in legal dispute | Headlines | News | CoinMarketCap

Coinbase's chief legal officer Paul Grewal criticized the U.S. Securities and Exchange Commission for deviating from its own Wells notice process, …

Coinbase's chief legal officer Paul Grewal criticized the U.S. Securities and Exchange Commission for deviating from its own Wells notice process, according to his X post on Tuesday.

“In a brief to avoid dismissal of its case against Debt Box with prejudice, [the SEC] includes a remarkable admission that it did not follow its own typical Wells process when it refused to tell us what assets would be charged as securities,” wrote Grewal.

In SEC’s Monday legal filing in part of its lawsuit against crypto platform Debt Box, the agency said its staff “typically provides a thorough explanation of the evidence” used to prove its potential charges on an entity.

Grewal pointed out that this statement marks a significant flaw in the process of the SEC’s enforcement action against Coinbase.

“We …

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