Just a day after accusing Binance of mishandling funds, the Securities and Exchange Commission sued Coinbase, the largest crypto trading platform in the U.S. The SEC claims that Coinbase broke laws by not registering as a broker. In its filing, the SEC shows the ways that Coinbase's executives knew how to sell digital assets, despite failing to follow the laws. - The SEC claims that while Coinbase has made billions, it has deprived investors of significant protections.
- Coinbase argues that the business model received approval from the SEC when it was approved for its initial public offering in 2021.
- "You simply can't ignore the rules because you don't like them or because you'd prefer different ones. The consequences for the investing public are far too great," Gurbir S. Grewal, the director of the SEC's enforcement division, said in a statement.
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