• The platform will continue to operate as normal 
• Armstrong said he was pleased that his company would defend the industry in court

Responding to the lawsuit, which was filed by the SEC against the Coinbase exchange, the company said the agency’s approach was damaging to the economic competitiveness of the United States. Paul Grewal, Coinbase’s director of legal affairs and general counsel, said: 

“The SEC’s approach, which is based solely on an enforcement approach without clear rules for the digital asset industry, harms the economic competitiveness of the United States and companies like Coinbase that have shown their willingness to follow rules.”

Grewal offered his proposal to address the problem, saying that introducing legislation that ensures transparent development and equitable application of fair rules instead of litigation could be a solution

Coinbase CEO Brian Armstrong also gave his opinion on the situation. On his Twitter, he wrote:  

“We are proud to represent the industry in court to finally clarify cryptocurrency rules. Remember, the SEC reviewed our business and allowed us to become a public company in 2021. The SEC and the CFTC do not even agree on what is a security and what is a commodity. So the U.S. Congress is introducing new legislation to remedy the situation, and the rest of the world is trying to put in place clear rules to support this technology. Instead of publishing a clear rulebook, the SEC has taken a regulatory approach that is detrimental to America. So, if we need to use the courts to get clarity, so be it.”