SEC sues Coinbase over exchange and staking programs, stock drops
"We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions," Gensler said in a statement.
Coinbase's institutional service, Prime, its retail exchange product, and its self-custody Wallet service all offered one or more crypto asset security, the SEC said in its complaint. The SEC described the staking program as a way for "investors to earn financial returns through Coinbase's managerial efforts." The SEC says the five "stakeable crypto assets" are considered securities under its interpretation of the law, an assessment that will no doubt be disputed by Coinbase.
The company has been identified by many in the crypto community as the only entity with the financial and institutional resources to go toe-to-toe with the SEC and Gensler. The company has a sophisticated presence and has advertised itself for years as a safer, regulated option compared to other exchanges.
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