Coinbase maintained that the regulatory body's enforcement actions were in direct contrast to the agency's previous public listing approval.
, Coinbase maintains a firm disagreement, while the correspondence made it clear that the regulator should have been aware of this stance when Coinbase went public.The animosity between the two entities was further highlighted in Coinbase’s response, where the exchange explained that the SEC had neglected to provide clear guidelines for the regulator’s recent enforcement actions.
“If the commission had believed in April 2021 that Coinbase’s core businesses violated securities law, it would have been required by its own mandate to prevent the S-1 from becoming effective to protect the investing public,” the response says. “Instead, it allowed the offering to proceed, and millions of members of the public invested their savings in Coinbase. Investors could only infer by this approval that the Commission did not think Coinbase’s core business was unlawful.
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