If Coinbase is found to be responsible, it could be forced to pay significant fines and penalties. The lawsuit could also make it difficult for other cryptocurrency companies to operate in the United States.On June 6, 2023, the US Securities and Exchange Commission (SEC) sued Coinbase, the largest cryptocurrency exchange in the United States, for operating as an unregistered broker. The SEC claims that Coinbase has made it easy to buy and sell cryptocurrency securities since 2019 without registering with the SEC as a stockbroker.
The SEC's lawsuit is the latest in a series of enforcement actions against cryptocurrency companies. In May 2021, the SEC charged Binance, the world's largest cryptocurrency exchange, with operating an unregistered exchange.
