I think the law is on our side and the SEC has to follow the rule of law, says Brian Armstrong (CEO @ Coinbase) wrt Wells notice and recent tussle

Quoting Brian from his recent interview with the CNBC:

Over the last year, we had 30 meetings and never got a single piece of feedback from them about what we could be doing better or differently and then this Wells Notice arrived, so it’s really unfortunate.

I think we’re going to have to actually end up going to court to get the clarity we need and create that case law. It’s an abdication of responsibility. I mean, the regulator’s job is to publish a fear rulebook and allow that market to be safe, also to flourish in that country and I think they’ve completely abdicated responsibility.

We never seek litigation, but it seems in this case that they have initiated it and if we need to get the courts to get the clarity that we need, we’re very prepared to do that.

I think the law is on our side, and the SEC has to follow the rule of law. I think their actions would not be sympathetic to a jury and so we’re very prepared for this. We’re going to court to win. Just to be clear, I think we have a very strong case and that’s exactly what we intend to do.