Coinbase CLO Defends Solana Against SEC Lawsuit Allegations

• Coinbase has spent millions defending Solana against SEC claims of securities sales.

• Anatoly Yakovenko thanks Coinbase for supporting the Solana ecosystem’s growth and accessibility.

• Brian Armstrong announces tier-1 support for SOL to alleviate congestion and withdrawal delays.

Paul Grewal, Coinbase Global Inc.’s Chief Legal Officer (CLO), has responded to accusations that the exchange “hates Solana,” debunking the claims. In a post directed at an X user, Grewal clarified that Coinbase has spent millions of dollars defending Solana against the United States Securities and Exchange Commission (SEC).

Grewal emphasized that Coinbase had been deeply involved in defending SOL against the SEC’s argument that the sales of SOL and other altcoins are securities. He revealed that his team “wakes up every day thinking about how we defeat this outrageous attack.” Grewal’s post highlighted Coinbase’s commitment to Solana and its ecosystem.

Coinbase’s Efforts to Enhance Solana’s Accessibility

Grewal’s post received responses from notable industry figures, including Solana’s Anatoly Yakovenko and Raj Gokal. Yakovenko praised Coinbase’s support, stating that the SOL ecosystem is “100% blessed” to have the exchange in its corner. Coinbase’s efforts extend beyond legal defense to practical support, with the platform listing Solana-based tokens and contributing to the network’s broader growth.

Coinbase’s commitment to the SOL ecosystem also extends beyond legal defense. The exchange has played a key role in enhancing the ecosystem’s accessibility, offering listings and yield products for tokens launched on the network. One such example is Coinbase’s addition of the PNUT meme coin earlier this year, which contributed to the increasing popularity of Solana-based memecoins.

In addition, the exchange’s role as the top go-to platform for Solana-based memecoins like TRUMP and MELANIA has driven significant trading activity. Brian Armstrong revealed plans to provide “tier 1 support for Solana” in a January 22 X post. It indicates that Coinbase will offer the same support for SOL as Bitcoin, Ethereum, and Base.

Despite the support, the SOL network’s experience during the launch of the TRUMP and MELANIA tokens faced significant congestion, with delays of up to 21 hours. Mert Mumtaz, CEO of Helium Labs, criticized Coinbase for handling SOL transactions during what he called “crypto’s biggest weekend.” Mumtaz pointed out the irony in Coinbase executives undermining SOL while struggling to manage transaction volume.

Mumtaz also expressed concerns about Coinbase’s positioning of its Base network as a superior alternative to SOL. He accused Coinbase executives of using “backroom tactics” to lure users to Base, suggesting they positioned SOL as a “short-term fix” and Base as the long-term solution.

Jesse Pollak, head of Coinbase’s Base initiative, addressed Mumtaz’s accusations directly. He affirmed that his responsibility as Base’s founder is to make the network successful. Pollak acknowledged the competition between SOL and Base but emphasized that such competition is essential for driving growth and innovation in the crypto industry.

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