Coinbase didn’t get (or need) SEC approval for acquisitions after all, company says – TechCrunch

Hmm. Well, after Coinbase confirmed to Bloomberg (and us) that they had received regulatory approval for some acquisitions that would let it eventually usher in trading tokenized securities on its exchange, the company is now walking back which agencies it received approval from.

While a Coinbase spokesperson had initially indicated that the company had received approval from both FINRA and the SEC, it is now saying that the SEC did not offer approval, but only because Coinbase did not need their approval for a change of control application in the first place.

“The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff,” the spokesperson told TechCrunch. “So it’s not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. Approval was received from FINRA.”

Cool read from TC Source Link

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