{"id":11080,"date":"2023-03-23T21:39:01","date_gmt":"2023-03-23T21:39:01","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=11080"},"modified":"2023-03-23T21:39:04","modified_gmt":"2023-03-23T21:39:04","slug":"polygon-ex-meta-executives-defend-coinbase-following-sec-wells-notice","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11080","title":{"rendered":"Polygon, ex-Meta executives defend Coinbase following SEC Wells notice"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h2>Ad<\/h2>\n<p>Several notable cryptocurrency industry figures have come to the defense of Coinbase following the company\u2019s receipt of a Wells notice.<\/p>\n<h2>Polygon comes to the defense of Coinbase<\/h2>\n<p>The Wells notice received by Coinbase indicates that the U.S. Securities and Exchange Commission likely intends to file charges against the exchange.<\/p>\n<p>In response, Polygon Labs president Ryan Watt said in a March 23 tweet that the crypto industry \u201cmust stand behind Coinbase.\u201d He noted that though Coinbase has gained the trust of the public, regulators and politicians \u201chave eroded that trust.\u201d<\/p>\n<p>Watt further noted that many major companies such as Starbucks, Meta, and Nike have made use of public blockchains such as Polygon. He said that these major partnerships provide countless economic and job opportunities and warned that companies will instead work with blockchain firms overseas if regulators clamp down on the industry.<\/p>\n<p>Polygon\u2019s native token (MATIC) is listed on Coinbase.<\/p>\n<h2>David Marcus sides with Coinbase<\/h2>\n<p>David Marcus, former head of Meta\u2019s crypto projects, acknowledged Coinbase\u2019s engagement with regulators and its willingness to \u201cplay by the rules.\u201d He lamented that cooperative companies are treated more harshly by regulators than those that commit fraud, noting that the now-collapsed FTX exchange did not experience regulations so strict.<\/p>\n<p>Like Coinbase, Meta\u2019s own Diem cryptocurrency project was affected by overregulation. This was one factor that led Diem to shut down in January 2022.<\/p>\n<h2>Other industry leaders comment<\/h2>\n<p>Jake Chervinsky, Chief Policy Officer of the Blockchain Association, also acknowledged that Coinbase spent an \u201cextraordinary amount\u201d of resources working with the SEC. The Blockchain Association said it \u201cstands in support\u201d of Coinbase.<\/p>\n<p>Elsewhere, Ryan Selkis, CEO of crypto research firm Messari, sent a letter to members of Congress asking for fair regulation for the crypto industry. Though his letter does not mention Coinbase directly, it was seemingly prompted by the Coinbase Wells notice as it was composed on the same day. It was later re-tweeted by Coinbase CEO Brian Armstrong.<\/p>\n<p>Justin Slaughter, Policy Director of the crypto-focused VC firm Paradigm, also commented on the situation. Slaughter previously held positions with the U.S. SEC and CFTC and suggested that some individuals in government are privately sympathetic to Coinbase.<\/p>\n<p>Though the SEC has not yet filed charges against Coinbase, the company intends to fight the SEC in court if charges are indeed filed. If and when that happens, other crypto companies and leaders will likely come to Coinbase\u2019s side.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/polygon-ex-meta-executives-defend-coinbase-following-sec-wells-notice\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ad Several notable cryptocurrency industry figures have come to the defense of Coinbase following the company\u2019s receipt of a Wells notice. Polygon comes to the defense of Coinbase The Wells notice received by Coinbase indicates that the U.S. Securities and Exchange Commission likely intends to file charges against the exchange. In response, Polygon Labs president [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-11080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11080"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11080\/revisions"}],"predecessor-version":[{"id":11082,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11080\/revisions\/11082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11081"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}