Coinbase received a so-called Wells Notice from the US Securities and Exchange Commission (SEC) this week. According to the SEC, the lawsuit revolves around the nitty-gritty of certain tokens and strikes that Coinbase should not be allowed to trade on its platform. According to Coinbase, the US is making a mistake and creating a gap that other countries are more than happy to fill.

‘Europe wins, America likes it?’

In a new blog post titled “Europe Wins, America Still Catching Up?” Coinbase VP Daniel Seifert writes that the industry is currently fleeing the US. That elopement has to do with the way US officials operate, wanting a firm hand for advice and clarity.

Of course in recent months, the SEC has come out increasingly tough with fines and sanctions, Seifert says, which is no way to approach the industry. “This approach creates an environment of uncertainty and instability in the crypto industry,” Seifert writes.

Coinbase’s best advocate @iampaulgrewal The SEC says it prefers court battles to dialogue. 🥊

In dozens of meetings with the SEC over the past 9 months, Grewal says the exchange has “basically given no answers” to key questions.

🔊Listen:https://t.co/027slXaMhb pic.twitter.com/L0ikJwleyA

— Laura Shin (@laurashin) March 24, 2023

According to Coinbase’s lead attorney, Paul Grewal, the SEC currently prefers the courtroom to dialogue with the exchange platform. So it is clearly looking for a fight rather than a solution that would satisfy both parties. As a result, according to Seifert, the US will lose its position as a leader in crypto.

The crypto community just doesn’t understand that

The crypto community, meanwhile, is acting surprised by the way the SEC is currently choosing to handle the industry. “The SEC is missing one of the biggest fraud cases in history (FTX/Alameda). Gary Gensler befriends the leader of that fraud case (SBF). Next, the SEC is going after the most legitimate company in the industry: Coinbase. Yes, very normal and totally rational,” said one frustrated sassal.eth said via Twitter.

The SEC missed one of the biggest scams in history – FTX/Alameda

Gary Gensler is the ringleader of the scam, S.F.F

Then the SEC goes after Coinbase, the most legitimate company in crypto

Yes yes very normal and completely rational

— sassal.eth 🦇🔊 (@sassal0x) March 23, 2023

For now, Europe attracts a fraction of the industry. Coinbase’s Seifert, among other things, refers to Paris Blockchain Week at the Louvre, which he writes in his blog post is France’s “greatest national treasure.”