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SEC Files 101-Page Lawsuit Against Coinbase for Alleged Securities Law Violations

The U.S. Securities and Exchange Commission (SEC) has filed a 101-page lawsuit against Coinbase, accusing the largest cryptocurrency exchange in America of failing to register as a broker, national securities exchange, or clearing agency.

The SEC also alleged that Coinbase violated securities laws by making assets available for trade on its exchange that passed the Howey Test, despite claiming to be legally compliant. The agency named SOL, ADA, and MATIC among those securities.

The SEC also accused Coinbase of failing to register its staking-as-a-service product, and is seeking for the exchange to disgorge their ill-gotten gains and pay prejudgment interest.

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