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Increasing tension between SEC and Coinbase over Celsius! The SEC opposed Celsius Network’s proposal to distribute digital assets to its customers via Coinbase as part of its restructuring plan and submitted its objection petition to the court, highlighting the tension between SEC and Coinbase.
On September 22, the SEC objected to the Celsius Network’s restructuring plan, citing an ongoing legal dispute with crypto exchange Coinbase. In March, they initially submitted the restructuring plan for Celsius Network to the court, but the court did not accept it. They last revised the restructuring plan in August for the fourth time, and the court has yet to approve it.
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In March, Coinbase Exchange announced that they had received a Wells notice from the SEC. The SEC sends a Wells notice to individuals or companies as a result of an investigation, issuing a warning that indicates the Commission’s intention to file an enforcement case against them.
Coinbase Chief Legal Officer Paul Grewal said, “Coinbase is proud to collaborate with Celsius Network and I wonder why the SEC objects to distributing cryptocurrency to its customers. So why would they object to this trusted US public company taking on this role?”
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