The United States Securities and Exchange Commission has filed a lawsuit against New York-based crypto exchange Coinbase for offering unregistered securities.
The SEC's complaint alleged that Coinbase has never registered as a broker, national stock exchange, or clearing agency, evading the disclosure scheme for stock markets. The SEC alleged that several tokens offered by the crypto exchange, including Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO qualify as values.
The SEC further alleged that the coinbase staking program includes five stackable crypto assets, making the staking program an investment contract and therefore a security. Coinbase was already fighting the betting battle with the SEC and had claimed its Staking products do not qualify as a security.
The SEC's lawsuit against Coinbase comes just one day after the securities regulator sued Binance for violating securities law and mixing customer funds.
This is a developing story, and more information will be added as it becomes available.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/AFN6L6FG6FKSPN2KQG4R7RMP5Y.jpg?w=75&resize=75,75&ssl=1 "Kraken says systems operational after issue with crypto gateways")
