Coinbase General Counsel Says SEC Did Not Follow Wells Notice Process

Global cryptocurrency exchange Coinbase argued that regulators have not followed the Wells Notice and related voluntary guidance.
According to The Block, on the 14th (local time), Coinbase Chief Legal Officer Paul Grewar
Through Twitter (formerly Twitter), Lu criticized the U.S. Securities and Exchange Commission (SEC) for not following the Wells Notice procedure.
In the DEBT Box Licensing Inc. lawsuit, he pointed out that the SEC did not follow the Wells Notice process.
When the SEC refused to tell U.S. companies which assets were classified as securities to avoid having its lawsuit against Box dismissed,
"This includes an admission that the SEC failed to follow the Wells Notice process," he said. He emphasized that the statement exposes serious flaws in the SEC's enforcement process against Coinbase.
"We had no idea what assets were at stake," he said, asking "why isn't the government following procedure in our case?"
Meanwhile, the legal battle remains ongoing, with the SEC asking the court to dismiss the lawsuit filed by Coinbase.