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12/ Ostensibly the SEC's goal is to protect investors and create fair markets. So who are they protecting here and where is the harm? People seem pretty happy to be earning yield on these various products, across lots of other crypto companies.

13/ Shutting these down would arguably be harming consumers more than protecting them, and by preventing Coinbase from launching the same thing that other companies already have live, they're creating an unfair market.

14/ In May of this year I traveled to DC to meet with every regulator and branch of government I could.

15/ The SEC was the only regulator that refused to meet with me, saying "we're not meeting with any crypto companies". This was right after we became the first crypto company to go public in the U.S.https://twitter.com/brian_armstrong/status/1393386305900351488?lang=en …

16/ Gensler had been confirmed just a month prior, so I brushed it off as the SEC still getting its feet under it. Now I'm not so sure.

17/ We've always tried to be good actors in the space - leaning in to sensible regulation even when it is difficult or expensive. We try to think about what products we would want for ourselves, and what risks we would want our families to be aware of, before launching products.

18/ We will keep following this approach.

19/ Yet here, we're being threatened with legal action before a single bit of actual guidance has been given to the industry on these products.