Brief about Coinbase exchange:
The digital currency exchange Coinbase was launched in 2012 as a platform for buying and selling Bitcoin. The company now supports hundreds of digital currencies and has over 4,900 employees worldwide.
This exchange is very cautious in listing new currencies and asks all of its users to verify their identities. Additionally, this exchange has a close relationship with US lawmakers and has always cooperated with US authorities.
Investigating the issues that have arisen for Coinbase:
Since the beginning of 2023, US regulators have been working on creating a legal framework for cryptocurrencies. This process gained momentum when Silicon Valley Bank and two other crypto-friendly banks either went bankrupt or were shut down by US authorities. Concurrently with the US financial crisis, the expulsion and imposition of fines on many blockchain projects and exchanges intensified. Meanwhile, the US Securities and Exchange Commission (SEC) sent a warning to Coinbase. Such a warning is usually sent when a company is likely to face a lawsuit in the near future.
After receiving this warning, Coinbase criticized the regulator for sending “legal threats” and expressed support for any potential legal framework that may arise. They promised to confidently defend the legality of their services and reassure customers that Coinbase will continue to operate fully.
In addition, Brian Armstrong, CEO of Coinbase, announced that Coinbase will start financially supporting candidates who support the crypto industry in the US elections.
Furthermore, Coinbase will try to organize a political force consisting of 50 million US citizens who use digital currencies.
He asked crypto supporters to “contact their congressional representative, provide financial support for pro-crypto candidates, and attend city meetings” to obtain transparency laws for digital currencies.
