Notes by TPan

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Paul Grewal - Chief Legal Officer, Coinbase

💪 What Coinbase is doing

• Taking the law to the book, rooted in compliance and following the law.
• Received Wells’ Notice from SEC and believes it’s a mistake
• SEC only considers Bitcoin is a commodity, what about everything else? There’s a better way to do regulate and claim jurisdiction. Not too late to have reasonable rules
• CB has been very public about calling out the need for clarity around rules holding cryptocurrency exchanges accountable while supporting growth
• Sent a petition to the SEC, waited 8-9 months for regulatory clarity but didn’t receive a response.
  • Filed in the Third Circuit Court why? Bc incorporated in Delaware, that’s the jurisdiction they operate in

🗣️ Conversations with the SEC

• Been in discussions w them for years about various products and services
• How can an exchange like Coinbase and others provide registered securities in the US? Began conversations in September 2022
• After ~30 engagements with SEC laying out their views on what a registration framework could look like, the response was like: ‘Thank you for your time’ and then were issued a Wells Notice