[Reuters]- Coinbase Global CEO Brian Armstrong said Wednesday that cryptocurrency exchanges have a long history of being transparent with the U.S. Securities and Exchange Commission. .
Armstrong said in an interview with CNBC a day after the company was sued by U.S. securities regulators for allegedly failing to register as an exchange.
“The SEC allowed us to be a publicly traded company…so it’s not great when regulators come back and actually say we’ve changed their minds,” Armstrong said.
The Securities and Exchange Commission (SEC) claimed Coinbase traded at least 13 cryptocurrencies that are securities to be registered, including tokens like Solana, Cardano and Polygon.
Coinbase shares rebounded on Wednesday, rising nearly 1% to $52.03.
Since the SEC sued Coinbase and rival Binance for securities law violations, the stock has fallen about 20%, wiping out about $3 billion from Coinbase’s market cap.
Short sellers have racked up about $463 million in paper profits betting on Coinbase in the last two sessions, according to data from analytics firm Ortex.
(Bangalore by Manya Saini, edited by Shaunak Dasgupta)