• US SEC has taken action against Coinbase, a day after it sued Binance
• The commission claimed that the exchange violated securities law by acting as an unregistered broker-dealer

The United States Securities and Exchanges Commission (SEC) has taken another action against crypto entities this week. The one in the highlight is the leading American crypto exchange – Coinbase.

The commission claimed that the exchange operated as an unregistered securities exchange and violated securities laws put in place in the United States. The commission also raised red flags for its staking services, which had previously drawn the Wells Notice.

A press release on the same read,

“As alleged in the SEC’s complaint, Coinbase’s failure to register has deprived investors of significant protections, including inspection by the SEC, recordkeeping requirements, and safeguards against conflicts of interest, among others.”

It alleges that the crypto-listed firm acted as an unregistered broker by offering services via Coinbase Prime and Coinbase Wallet. Moreover, the exchange was accused of offering cryptos the classify as securities for sale. And, this happened despite the firm claiming to apply the Howey Test in its listing process.

More coins listed as securities in Coinbase lawsuit

Notably, the cryptocurrencies listed as securities in this lawsuit are Solana [SOL], Cardano [ADA], Polygon [MATIC], Filecoin [FIL], The Sandbox [SAND], Axie Infinity [AXS], Go to Source to See Full Article
Author: Priya NV

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details