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	The U.S. Securities and Exchange Commission (SEC) has brought a lawsuit against New York-based crypto exchange Coinbase, accusing it of offering unregistered securities to the public.
<blockquote class="twitter-tweet">
Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.<a href="https://t.co/XPG2gDkxtV" rel="nofollow" target="_blank">https://t.co/XPG2gDkxtV</a> <a href="https://t.co/hCdVMw8B2v" rel="nofollow" target="_blank">pic.twitter.com/hCdVMw8B2v</a>
— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1666059252442746881?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 6, 2023</a></blockquote>
The <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.1.0.pdf" rel="nofollow noopener" target="_blank">filing</a> alleges that <a href="https://crypto.ro/en/exchange/gdax">Coinbase</a> has never registered as a broker, national securities exchange, or clearing agency, thereby circumventing the disclosure scheme for securities markets​.
This move against Coinbase comes in the wake of a similar <a href="https://crypto.ro/en/news/binance-hit-by-sec-lawsuit-triggers-719-million-in-withdrawals/">lawsuit filed against Binance</a> for violating securities laws and mishandling customer funds.
The <a href="https://crypto.ro/en/news/sec-identifies-12-tokens-as-securities-in-lawsuit-against-binance-and-ceo-changpeng-zhao/">SEC&#8217;s lawsuit against Binance</a> is considered a precursor to the action taken against Coinbase, as noted by Berenberg analyst Mark Palmer​.
The impact of these regulatory actions has been significant. Following the SEC&#8217;s announcement, crypto markets, including Coinbase, experienced significant declines. Coinbase&#8217;s stock, for example, fell by roughly 9.2% to $49.81​.
<figure id="attachment_21917" aria-describedby="caption-attachment-21917" style="width: 2068px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21917 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price.png" alt="Coinbase share price" width="2068" height="764" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price-300x111.png 300w, https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price-1024x378.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price-768x284.png 768w, https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price-750x277.png 750w, https://crypto.ro/en/wp-content/uploads/2023/06/Coinbase-share-price-1140x421.png 1140w" sizes="(max-width: 2068px) 100vw, 2068px" title="Coinbase faces SEC lawsuit over unregistered securities allegations 1"><figcaption id="caption-attachment-21917" class="wp-caption-text">Coinbase share price | TradingView</figcaption></figure>
In the wake of these lawsuits, investors are focusing on the future of these crypto exchanges.
<blockquote>&#8220;Investors should be focusing on whether Coinbase would have the ability to successfully pivot its business model and geographic focus if it were forced to curtail or cease a large portion of its business activities in the U.S. as a result of an SEC enforcement action&#8221;​, Palmer notes.</blockquote>
Coinbase is currently under SEC investigation and could face enforcement action tied to its listings of potential unregistered securities. The crux of the issue lies in whether cryptocurrencies can be classified as securities, a notion the SEC supports but crypto firms like Coinbase counter​.

Coinbase faces SEC lawsuit over unregistered securities allegations

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