1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.

2/ Two years ago the SEC reviewed our business in detail and approved Coinbase to go public. Our S1 clearly explained our asset listing process and included 57 references to staking. Coinbase runs a rigorous asset review process and has rejected more than 90% of assets that have… twitter.com/i/web/status/1638654496879575040

3/ While we understand that this is all part of the journey to reforming our financial system, we are right on the law, confident in the facts, and welcome the opportunity for Coinbase (and by extension the broader crypto community) to get before a court.

4/ We are proud to stand up for our customers and the industry in these moments.

5/ Going forward the legal process will provide an open and public forum before an unbiased body where we will be able to make clear for all to see that the SEC simply has not been fair, reasonable, or even demonstrated a seriousness of purpose when it comes to its engagement on… twitter.com/i/web/status/1638654704120119297

6/ In the meantime, Coinbase will continue to do what we do best: build the most trusted products and services in order to advance our purpose of updating the financial system, and creating more economic freedom in the world.

7/ We're excited to work with all governments and regulators around the world who are focused on putting in place clear rules to regulate the crypto industry.

You can read more here:

www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal

And from our Chief Legal Officer: