The case dealt with investors in Florida orange groves owned by the W. To argue that crypto assets are securities, the SEC has relied on a U.S. They have also called for new regulation or laws, saying the SEC has been vague and inconsistent in determining whether digital assets are securities and unhelpful to market participants seeking guidance. Binance has called the case disappointing and said it plans to defend against the claims.Ĭoinbase and other industry players have been adamant that most cryptocurrencies - which operate on a database shared across a network of computers, known as a blockchain - do not fit the definition of securities under U.S. federal securities laws."Ĭoinbase has denied listing any securities. The regulator this week also sued Binance, claiming the world's largest crypto exchange engaged in "an elaborate scheme to evade U.S. The SEC has brought more than a hundred enforcement actions in the past decade, claiming various cryptocurrencies are securities.īut the Coinbase case will be the biggest test yet of the regulator's jurisdiction over the industry. While others, including the European Union, have started to craft regulation for the crypto industry, the U.S. The regulator is seeking financial penalties and wants a judge to order Coinbase to follow U.S.
The SEC said Coinbase allowed users to trade at least 13 crypto assets that should have been registered as securities, including tokens such as Solana, Cardano and Polygon.
cryptocurrency platform of operating illegally by evading disclosure requirements.
The Securities and Exchange Commission (SEC) sued Coinbase on Tuesday in Manhattan federal court and accused the largest U.S. regulators alleging crypto platforms Coinbase and Binance violated the law by failing to register as a securities exchange, broker and clearing agency. :Determining whether digital tokens are securities will be central to the high-stakes case brought by U.S.
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