Coinbase Gets a Surprising Recommendation from Elon Musk and Jack Dorsey

Coinbase Gets a Surprising Recommendation from Elon Musk and Jack Dorsey

On June 6, Coinbase, the prominent cryptocurrency trading platform in the United States, received a major blow with a complaint filed against it by the U.S. Securities and Exchange Commission (SEC). The SEC alleges that Coinbase has been operating illegally since 2019, functioning as an unregistered national securities exchange, broker, and clearing agency. Additionally, Coinbase is being charged for not registering its crypto asset staking-as-a-service program, according to a statement from the Wall Street regulator. SEC Chairman Gary Gensler criticized Coinbase for commingling and unlawfully offering various functions that should be separate and depriving investors of essential protections.