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SEC Sues Coinbase Over Alleged Securities Violations – Crypto News
One day later charging Binance With 13 counts of securities laws violations, the US Securities and Exchange Commission (SEC) has set its sights on Coinbase.
On June 6, the SEC announced that it was Suing Coinbase for allegedly operating as an unregistered broker of securities, an unregistered exchange, and an unregistered clearing agency. Furthermore, the SEC claims that Coinbase’s staking program violates the Securities Act.
Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.https://t.co/XPG2gDkxtV pic.twitter.com/hCdVMw8B2v
— US Securities and Exchange Commission (@SECGov) June 6, 2023
SEC Chair Gary Gensler emphasized the significance of Coinbase’s alleged noncompliance, stating, “Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC.” Gensler emphasized the importance of adherence to regulatory standards in protecting the investing public.
Gurbir S. Grewal, director of the SEC’s Division of Enforcement, echoed Gensler’s sentiments, noting that Coinbase was fully aware of the applicability of federal securities laws to its activities but deliberately chose not to comply. Grewal emphasized that Coinbase’s actions had potentially harmed investors and emphasized the need to hold the company accountable.
“While Coinbase’s calculated decisions may have allowed it to earn billions, it’s done so at the expense of investors by depriving them of the protections to which they are entitled. Today’s action seeks to hold Coinbase accountable for its choices,” he explained.
The SEC’s complaint, filed in the US District Court for the Southern District of New York, seeks injunctive relief, disgorgement of ill-gotten gains with interest, penalties, and other equitable remedies.
This is a developing breaking news story and will be updated to reflect ongoing developments.
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