The crackdown comes in the wake of the crypto market meltdown which wiped out around $2 trillion of market value.
Coinbase was sued Tuesday by the Securities and Exchange Commission, a day after the regulator filed a case against crypto rival, Binance.
"We knew these were coming, but seeing the cases filed back-to-back is a pretty serious show of force by the SEC," Marc Fagel, the SEC's former San Francisco regional director, told The Examiner. The SEC argued that Binance was even aware that the company was violating the law. In its lawsuit against the company, the SEC cited a 2018 exchange in which a top executive told a company compliance officer,"We are operating as a fking unlicensed securities exchange in the USA bro."
How California could tax Airbnbs, Vrbos for affordable housing funds The State Senate just passed a bill that would levy a 15% tax on short-term rentals Grewal underscored Coinbase's frustration with the SEC's approach to crypto in March, saying in a blog post, "Tell us the rules and we will follow them. Give us an actual path to register, and we will register the parts of our business that need registering. In the meantime, the U.S. cannot afford for regulators to continue to threaten the good actors in the crypto industry for doing the same legal and compliant things they've always done.
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