SEC tracking Coinbase

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Updated March 23, 2023 | Published March 23, 2023

2 mins read

Coinbase is the latest crypto company to be watched by the US Securities and Exchange Commission.

The US Securities and Exchange Commission (SEC) is threatening to sue cryptocurrency exchange Coinbase over some of its products.

The SEC issued Coinbase with a Wells notice, a formal declaration that SEC staff intend to recommend an enforcement action, tied to aspects of the exchange’s spot market as well as its Earn, Prime and Wallet products.

The SEC has been focusing on the crypto industry since the collapse of FTX last year and staking services like Coinbase’s Earn are under increased scrutiny for not being registered.

Recently, Kraken agreed to pay the SEC $30m in penalties and shut down its cryptocurrency staking service in the US after failing to register the program with the regulator.

The SEC also recently charged Chinese cryptocurrency entrepreneur Justin Sun with fraud and accused eight celebrities, including YouTuber Jake Paul and actress Lindsay Lohan, with illegally promoting crypto assets.

Coinbase shares fell nearly 13% to $67.33 after the Wells notice was issued. The exchange has said its services continued to operate as usual, as a Wells notice does not always result in charges or signal that the recipient has violated any law.

Coinbase chief legal officer Paul Grewal said: “Tell us the rules and we will follow them. Give us an actual path to register, and we will register the parts of our business that need registering.”

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.
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