On June 6, the U.S. Securities and Exchange Commission (SEC) filed charges against Coinbase, alleging that the company violated securities regulations.
These are the most notable takeaways from those charges.
1. Coinbase operated as an unregistered broker
The SEC said that Coinbase’s main trading platform has operated as an unregistered broker, exchange, and clearing agency since 2019. It also said that the company’s Prime and Wallet services have operated as unregistered brokers since then.
Coinbase’s profits are also raised in the case. The SEC said that Coinbase has earned billions of dollars worth of revenue from transaction fees and alleged that Coinbase prioritized its own revenue over investor interest and legal compliance.
2. Case text primarily concerns third-party listings
The SEC said that Coinbase provided access to existing crypto asset securities. It said that this brings Coinbase “squarely within the purview of the securities laws.”
Those tokens are Solana (SOL
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