Only a day after the SEC’s legal attack against the Binance cryptocurrency exchange, the American regulator is repeating the operation this time with the Coinbase company. The institution headed by Gary Gensler judges that the American company has not complied with securities regulations. Thus, she is prosecuted for not having registered as a broker.
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SEC steps up attacks on cryptocurrency exchanges
Yesterday, the announcement of a legal attack by the Securities and Exchange Commission (SEC) against Binance and its CEO marked the new turn taken by the American institution. Today, the lawsuit filed against Coinbase confirms this sentiment. and definitely marks the beginning of a new period of growing hostility for companies in the sector.
🚨 FLASH: The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase in federal court in New York 🇺🇸 pic.twitter.com/pLPBYPYqVz
— Cryptoast (@CryptoastMedia) June 6, 2023
As in the complaint against the Changpeng Zao platform, the Coinbase company is being prosecuted for offering the purchase and sale of tokens considered as securities to its customers. The cryptocurrencies concerned are the following: SOL, ADA, MATIC, FIL, SABLE, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO
Moreover, this is not the only accusation that is made by the American institution: according to the official document of the SEC, it affirms that Coinbase’s staking program violates the Securities Act of 1933 :
” Coinbase has never had a registration statement filed or effective with the SEC for its offerings and sales of its staking program, thereby depriving investors of material information about the program, undermining investors’ interests, and violating the registration provisions of the Securities Act of 1933. »
This announcement sounds like a thunderclap not only for the firm led by Brian Armstrong, but also for the entire cryptocurrency ecosystem as a whole. Now that the two largest cryptocurrency platforms are being sued, the sector is likely to see its development slowed down to the bare minimum.
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Source: SEC
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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