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It appears that Binance is not the only crypto heavyweight being targeted by the SEC.
The US Securities and Exchange Commission has just filed another lawsuit – this time against Coinbase – a major US-based cryptocurrency exchange and publicly traded company in the US.
SEC accuses Coinbase of violating securities laws
in brand new trialThis time, the SEC has targeted Coinbase – the leading US-based cryptocurrency exchange.
As per the docs:
Since at least 2019, through the Coinbase Platform, Coinbase has operated: an unregistered broker, which involves soliciting potential investors, handling customer funds and assets, and charging transaction-based fees; an unregistered exchange, which involves providing a market place that, among other things, brings together orders from multiple buyers and sellers of crypto assets and matches those orders; and an unregistered clearing agency…”
In an official tweet, the agency also said that Coinbase made calculated decisions to earn billions, but they were made “at the expense of investors by denying them the protection they deserve.”
Today we sued Coinbase, Inc. for operating its crypto asset trading platform as an unregistered national securities exchange, broker and clearing agency and for failing to register the offering and sale of its crypto asset staking-as-a-service program. Was accused. pic.twitter.com/hCdVMw8B2v
– US Securities and Exchange Commission (@SECGov) June 6, 2023
Coinbase CEO Brian Armstrong has yet to respond. However, he has come forward several times urging for more clarity from US regulators.
COIN shares are already trading down more than 15% in the premarket.
These Coins Are Securities, Claims the SEC
The leading claim is that Coinbase is facilitating unregistered securities trading. Thus far, the SEC has actually designated several coins to be classified as securities. This includes:
- Fifth note of musical scale
- ada
- diplomatic
- Phil
- Sand
- AXS
Others also include CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, etc.
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