Coinbase CEO hits back at SEC chair after lawsuit, says user funds are safe

FILE PHOTO: Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David Swanson

(Reuters) -Coinbase Chief Executive Brian Armstrong on Wednesday hit back at U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler over the agency's lawsuit against the crypto exchange, calling him an "outlier," while also reassuring customers that their funds were safe.

The SEC on Tuesday alleged Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse.