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>The SEC said its enforcement division did not make formal requests for “companies to delist crypto assets”. So Coinbase didn't comply, as they had no legal ob

• pavlov 3y ago
  And now they’ve been sued by the SEC. Sounds like the process is working as intended. If you don’t want to heed the SEC’s informal advice, the question can be eventually sorted out by the court.
  • mattdesl 3y ago
    The SEC suit is for Coinbase’s staking-as-a-service, not all their trading activity. EDIT: I was mistaken! Apparently they are being sued for the combined brokers, exchange, and clearing agency activities; in addition to their staking-as-a-service activities. https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-102.pdf https://www.sec.gov/files/litigation/complaints/2023/comp-pr...
    • pavlov 3y ago
      No, the latest SEC lawsuit against Coinbase is for running an unregistered securities exchange, broker and clearing house: https://www.forbes.com/sites/emilymason/2023/06/06/coinbase-hit-with-sec-suit-that-identifies-37-billion-of-crypto-tokens-as-securities/ https://www.forbes.com/sites/emilymason/2023/06/06/coinbase-... This is the very heart of Coinbase’s operations. If they’re found to be a securities exchange, they won’t be allowed to mingle the broker and clearing house functions, and the company would have to be split.
      • mattdesl 3y ago
        Thanks for the correction. No such thing as safe CEX under the SEC, I guess. I do wonder what they imagine a legally-registered CEX would look like... only accredited investors can purchase and transfer crypto? Or, if it were up to Gensler, Coinbase would only sell Bitcoin?