Coinbase CEO Brian Armstrong has confirmed that the exchange will not shut down staking services.
Chief Legal Officer Paul Grewal revealed that the company had no plans to delist any tokens named in the SEC’s complaint.
The SEC initiated enforcement action against the exchange over its staking program and alleged security tokens.
Grewal previously stated that the lawsuit will have no impact and the exchange will continue to operate as usual.
Coinbase’s Chief Executive Officer Brian Armstrong has revealed that the Securities and Exchange Commission’s lawsuit against his company will have no impact on its operations. Armstrong confirmed that the largest crypto exchange in the United States will not shut down its staking services, which was one of the products that prompted the enforcement action from the SEC.
Staking Program Accounts For 3% of Coinbase’s Net Revenue
Brian Armstrong’s comments came a day after his exchange was sued by the SEC for operating as an unregistered securities exchange, broker, and clearing agency. While speaking at the Bloomberg Invest Conference earlier today, Armstrong revealed that Coinbase would continue offering staking services to its clients. The executive added that the staking program contributed 3% to the company’s overall net revenue.
Even though this complaint came in from the SEC it’s really business as usual today, we’re continuing to trade the assets that we have on our platform. We’re not going to wind down our staking service. Coinbase’s staking product is architected and built in a way to be compliant.
Brian Armstrong, CEO of Coinbase
Coinbase’s Chief Legal Officer Paul Grewal told The Block earlier today that the crypto exchange had no plans to delist any of the crypto tokens alleged as securities in the SEC’s lawsuit. Grewal revealed that the exchange was looking at new facts and information to determine if its previous analysis of the concerned tokens may have been incorrect. “We remain confident in our original analysis,” he added.