The U.S. Securities and Exchange Commission has defeated Coinbase, proving that the company was operating without proper registration and that it had problems with its betting program.
However, Coinbase's wallet was excluded from the SEC's claims, resulting in a partial victory for #Coinbase .
The #SEC complaint focused on the fact that Coinbase allowed trading of crypto assets considered securities, including 13 specific tokens.
Hey, we got hit hard when the SEC beat Coinbase. Yes, it's a sad day. This landmark decision could shake the very foundations of crypto platforms in the US.
What happened.
The court rejected Coinbase's attempt to avoid the SEC's charges, effectively shutting down the platform's operations as an exchange, broker, and clearing house. All of these titles have significant regulatory requirements under U. S. federal securities laws, and Coinbase continues to operate without formal SEC authorization. Needless to say, their betting program has also been caught up in this story, accused of offering and selling securities without registration.
However. The court patted Coinbase on the back and dismissed the SEC's complaint against the "wallet" platform. That would have been good news.
So let's move on: the SEC's claims against Coinbase stem from the fact that its platform allows trading of cryptoassets that appear to be investment contracts, meaning they are sold as securities, on the CryptoAssets list, 13 #cryptocurrency heavyweights including SOL, #ADA , ICP, NEAR, #MATIC and FLOW. With the exception of NEXO, which is in wallet territory, all of these digital tokens are available to anyone who decides to jump on the Coinbase bandwagon. That sucks.
But the SEC didn't stop there. No, no, they made a whole bunch of claims against Coinbase, pointing the finger at Coinbase's parent company, CGI, and holding it responsible for failing to rein in these alleged SEC violations. In addition, Coinbase's betting program has been accused of allegedly offering and selling securities without the necessary legal procedures.
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