federal law-a designation that creates a series of obligations that include registering with the SEC-has long been a source of confusion and frustration for the crypto industry. The issue of which digital assets are securities under U.S. Shortly after Armstrong tweeted, one of the SEC's own Twitter accounts published a video providing a basic definition of what is a security under the law-a move that many in the crypto industry interpreted as trolling Coinbase.Ī spokesperson for Coinbase said the company would decline to comment for now about Gensler's remark that it might be listing dozens of tokens that are securities. (A stablecoin is a type of crypto token that is designed to hold a steady value, often pegged to a fiat currency such as the U.S.
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His statement that Coinbase may be selling securities without a license also comes less than a week after Coinbase's CEO, Brian Armstrong, lashed out at the SEC on Twitter, accusing the agency of failing to provide a transparent regulatory regime for good actors in the cryptocurrency industry.Īrmstrong's tweets came as Coinbase disclosed that the SEC had threatened to sue the company if it went forward with a plan to launch a product called Lend that would pay consumers 4% interest on their USDC stablecoin holdings. In early August, the SEC chair said he believed "many tokens may be unregistered securities, without required disclosures or market oversight.” Gensler's comments echo previous statements he has made regarding the current state of the crypto market. Elizabeth Warren (D-Ma) about whether customers could be harmed when exchanges like Coinbase go down under high trading volume. Gensler's remark was notable given that it did not come in response to a direct question about securities, but instead as an aside while replying to a query from Sen.
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