The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in the U.S. District Court for the Southern District of New York against Coinbase today, alleging it violated the securities law, including operating an unregistered securities exchange, broker and clearing agency, as well as offering and selling unregistered securities.
The SEC said, "since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities." The regulator alleged that "Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law."
In addition, the SEC said that Coinbase's staking-as-a-service program is an unregistered security. In the lawsuit, the SEC alleged the following tokens are securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
Yesterday, the SEC filed 13 charges against Binance and its CEO CZ for securities law violations.
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Policy and Regulation