Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Ep. 472

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 24 March 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paul Grewal, Coinbase’s chief legal officer, shares his concerns about the SEC’s recent warning that it would pursue legal action against the crypto exchange. With the U.S. markets regulator failing to provide clear rules on digital assets, Grewal discusses the implications for Coinbase and for the future of crypto in the United States. Show highlights: why Grewal was not surprised by the Wells notice how Coinbase asked the SEC multiple times for clear rules and got no response, according to Grewal how the SEC is withholding information about which rules Coinbase allegedly broke, according to Grewal Coinbase’s efforts to disclose everything about its operations whether Grewal thinks there was a change in the regulators’ approach after the collapse of FTX why Grewal thinks this is not the right way to go to keep crypto in the United States the jurisdictional fight between the CFTC and the SEC whether Coinbase will proceed with litigation why Grewal thinks the Wells notice is a “shot at crypto as a whole” why Coinbase believes that its products are “fully compliant” what opportunities the U.S. Congress has to legislate blockchain technology Thank you to our sponsors! Crypto.com Railgun DAO Guest Paul Grewal, chief legal officer at Coinbase Previous appearances on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown Links Coinbase: We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead. The Crypto Securities Market is Waiting to be Unlocked. But First We Need Workable Rules. Unchained: SEC Issues Coinbase a Wells Notice U.S. Supreme Court Hears First Crypto Case: Coinbase Arbitration Dispute Bloomberg: Coinbase (COIN) Gets SEC Wells Notice Over Crypto Offerings Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hi resource for all things crypto. I'm your host,
0:08.5	Laura Shin, author of The Cryptopians. I started covering crypto seven years ago and as the
0:13.4	senior editor at Forbes was the first mainstream builder porter to cover cryptocurrency full-time.
0:17.8	This is the March 24th, 2023 episode of Unchained. If you've been enjoying Unchained,
0:22.9	please leave us a review on Apple Podcasts or Spotify. With thecrypto.com app, you can buy,
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0:36.2	Crypto moves at lightning speed. For the latest crypto updates, be sure to subscribe to our daily
0:41.3	newsletter at Unchainedcrypto.substac.com. Again, that's Unchainedcrypto.substac.com.
0:49.2	Ever wanted to use DeFi without being tracked? Railgun is a leading DeFi privacy solution on Ethereum,
0:55.3	BSC, Arbitram and Polygon. Shield your funds and use them privately in your favorite DeFi apps
1:01.5	while Railgun's cutting-edge zero-knowledge system encrypts your data from public view.
1:06.4	Yes, that includes Dextrating. Visit railgun.org or use the railway app at railway.xyz.
1:13.5	Today's guest is Paul Graywell, chief legal officer at Coinbase. Welcome, Paul.
1:18.6	Thank you, Laura. Thanks for having me on.
1:21.0	The SEC just served Coinbase with a Wells notice, which is an intention to sue or issue an enforcement
1:26.6	action. For a while, it's been apparent that the SEC and Coinbase have been engaged in some sort of
1:31.4	dialogue, even if at times it's been a little testy. From your perspective, what happened here?
1:37.3	How did things get to this point? Well, Laura, as you point out, Coinbase has been talking to the
1:43.6	SEC not just for many months, but in fact for many years. Our conversations predate when we became
1:51.0	a publicly listed company in April 2021. And since that time, we've continued to have
1:56.4	productive, even if sometimes challenging conversations on a range of issues.
2:00.2	What happened yesterday is that we were informed that the SEC was issuing a Wells notice,
	...

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