BREAKING: SECGov has sued coinbase on charges of violating federal securities law, a day after filling a similar suit against rival binance. By nikhileshde.
, Coinbase has operated as an unregistered broker, exchange and clearing agency simultaneously, arguing that it solicited customers, handled orders, allowed for bids and acted as an intermediary all at once. The suit named Coinbase, Inc. and Coinbase Global, Inc. as defendants, but did not name founder and CEO Brian Armstrong or any other executive.
The SEC pointed to Coinbase's Prime, Wallet and staking products, as well as the actual tokens it lists, as areas where it violated federal securities laws.Coinbase knew some of the cryptos it made available to U.S. customers may have checked the boxes for securities, the SEC argued, pointing to its Crypto Ratings Council effort, which the exchange spearheaded in 2019 to try and create an informal system to assess whether a cryptocurrency was a security.
The SEC identified solana , cardano , polygon , sandbox , filecoin , Axie Infinity , Chiliz , flow , internet computer , near , voyager , dash and nexo as securities in the suit.
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