In a Twitter Space today, Coinbase leadership expressed frustration about what they say have been their repeated attempts to “be regulated” by the SEC over the past decade, and particularly over the last nine months. "We've tried to become regulated by the SEC. We're willing to do anything here," Coinbase CEO Brian Armstrong said. The Space came on the heels of the SEC issuing the company a Wells notice, which indicates a likely enforcement action.

Over the last nine months, the company met with the SEC over 30 times to share the company’s data, files, practices, product information, and answers to “any question the SEC wanted to ask,” said Armstrong.

After these information gathering meetings, the SEC scheduled a meeting with Coinbase to provide the company guidance, but then abruptly cancelled it at the last minute, according to Armstrong.