United States Securities and Exchange Commission (SEC) have filedCourt complaint after Coinbase says regulators have no authority to prosecute crypto exchanges
According to a letter sent by the US SEC on July 7 to a district judge, Coinbase was already aware of the possibility that federal securities laws would apply to its operations. It has publicly informed shareholders about the possibility that assets traded on the platform will be classified as securities.
“Since becoming a public company, Coinbase has repeatedly informed shareholders of the risk that crypto assets traded on its platform could be considered federal securities.”
According to the SEC, “Coinbase operates in a multi-billion dollar business on the advice of numerous legal advisors.” “ignoring the 75-year-old statute under Howey”
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