April 28 (Cointime) - Cryptocurrency exchange Coinbase said that it has responded to the Wells notice issued by the US Securities and Exchange Commission (SEC) with a written and video submission.

Coinbase received the Wells notice, a notification of a pending enforcement action, from the SEC last month. The notice alleged that Coinbase had engaged in the unregistered sale of securities and that its lending product was a security subject to registration requirements. 

The firm reiterated that it had not listed securities when it went public two years ago and still does not. Coinbase stated:

"Coinbase is the same company that we were when the SEC allowed us to become public two years ago, after detailed discussions with us about the very aspects of our business that are now the subject of the Wells notice. We didn't list securities then, and we still don’t.  "

The company stated that it would vigorously defend itself against the SEC's allegations and stand up for the rule of law. Coinbase also called for regulatory clarity from Congress and the SEC to avoid leaving such matters to the courts. "We’d like to in the future, but the SEC has still not complied with the law by providing companies like Coinbase with a way to register to be able to do that. We do not relish litigation against the SEC, but we will vigorously defend ourselves – and stand up for the rule of law for everyone." the firm said in a statement.