(TradingView) - The battle between Coinbase and the Securities and Exchange Commission (SEC) is heating up this week.
KEY POINTS:
- The SEC has hit back at Coinbase’s claims that the regulator has insufficient evidence to take it to court.
- The regulator has claimed that the exchange was fully aware of its violations of securities laws.
- The eyes of the crypto world are also upon the SEC’s action against Binance, as its resolution could prove significant.
After the largest crypto exchange in the US claimed that the regulator had insufficient evidence to take it to court, the SEC has responded by saying that the exchange knowingly violated securities law. It contradicts the exchange’s claim that it pursued every available avenue to conduct its operations legally.
SEC Chair, Gary Gensler, has been in some hot water this year for allegedly having an overly aggressive enforcement strategy in the crypto sector and making it difficult for crypto entities to conduct their businesses legally. It also doesn’t seem to be having too negative an effect on the share price of Coinbase – COIN has shown more than 47% growth over the past month.
The crypto market and beyond will be keeping watch of how the SEC’s action against both Coinbase and Binance plays out, as it could prove significant in establishing the extent of jurisdiction the regulator has over the sector.
(About Coinbase)
Coinbase is a digital currency exchange and platform where users can buy, sell, trade and store a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. Coinbase offers its services to individuals, as well as institutional investors, and has grown to become one of the largest cryptocurrency exchanges in the world.
Coinbase became a publicly traded company in April 2021 through a direct listing on the NASDAQ stock exchange, making it the first major cryptocurrency exchange to go public.
By TradingView
July 10, 2023
