The SEC is suing Coinbase Inc., accusing the cryptocurrency exchange of never registering with the regulator and for operating as an unregistered broker.
"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," Gary Gensler, the SEC chairman, said in a tweet.
Paul Grewal, Coinbase's chief legal officer and general counsel, said in a statement to FOX Business that "The SEC's reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance."
"The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation. In the meantime, we’ll continue to operate our business as usual."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase Shares Drop 10% Following SEC’s Suit Against BinanceShares of Coinbase ($COIN) fell 10% after news broke that the SEC was suing Binance for violating federal securities laws. HeleneBraunn reports
Read more »
Coinbase shares plummet as SEC sues rival crypto exchange BinanceCoinbase's shares lost as much as 12% after news broke that the SEC was suing rival exchange Binance.
Read more »
Binance SEC Lawsuit Could be Preview of What Coinbase May Face, Berenberg SaysAt least 37% of Coinbase's net revenue could be at risk if that exchange is subject to charges from the SEC, said one analyst. $COIN Aoyon_A reports
Read more »
Coinbase stock falls 10% after SEC sues Binance for unregistered securitiesCoinbase falls 10% after the SEC sues rival crypto exchange Binance for violating securities law
Read more »
Coinbase sued by SEC one day after regulator sues BinanceThe United States Securities and Exchange Commission has struck again — this time suing Coinbase — one day after filing a lawsuit against exchange Binance.
Read more »
SEC sues Coinbase over exchange and staking programs, stock drops 15% premarket
Read more »