The US Securities and Exchange Commission (SEC) has filed a complaint against US cryptocurrency exchange Coinbase in which it has accused the company of acting as an unregistered broker and exchange and demanded that the company be "permanently restrained and enjoined" from continuing to do so.
According to the document, Coinbase's core brokerage, exchange and staking programs violate securities laws. The company "has for years defied the regulatory structures and evaded the disclosure requirements" of US securities law.
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The regulator has alleged that at least 13 crypto assets available to Coinbase customers are considered "crypto asset securities," including Solana, Cardano and Filecoin.
SEC Chairman Gary Gensler has said:
"We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions."