SEC charges Coinbase the day after Binance, lists 13 tokens as unregistered securities Cryptocurrencies
According to the announcement from the SEC, Coinbase was charged with “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency,” as well as “failing to register the offer and sale of its crypto asset staking-as-a-service program.”
The SEC’s complaint was filed in U.S. District Court for the Southern District of New York and alleges that Coinbase violated the registration provisions of the Securities Exchange Act of 1934 and the securities offering registration provisions of the Securities Act of 1933. The lawsuit seeks “injunctive relief, disgorgement of ill-gotten gains plus interest, penalties, and other equitable relief,” according to the announcement.
The SEC charges come just weeks after the Commission once again refused to share their legal definition and criteria for what constitutes a security in the digital assets space. Coinbase originally filed a petition in July 2022 demanding that the SEC propose and adopt a clear regulatory framework for the cryptocurrency industry in the U.S. and establish guidelines for companies like Coinbase to work from as they build out their businesses.
The SEC also said that they have every right to continue their enforcement actions based on securities regulations already on the books. “Agencies routinely enforce existing rules while considering further amendments to regulatory requirements,” they wrote. “Coinbase’s preference for faster or different regulatory action by the Commission does not entitle it to extraordinary relief from this Court. The petition should be denied.
Weisberger characterized the Coinbase and Binance lawsuits as “a direct attack against the digital asset industry in the United States,” and said that the allegations made against Coinbase “contain precisely zero evidence of harm” to investors.
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