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Coinbase exchange reported that it has received inquiries from the US Securities and Exchange Commission (SEC) about operations, client programs, as well as the company’s current and future
Coinbase exchange reported that it has received inquiries from the US Securities and Exchange Commission (SEC) about operations, client programs, as well as the company’s current and future products.
According to the documents, the SEC deals with asset listing processes, asset classification, staking programs and stablecoins.
So far, the exchange has been unable to assess the potential impact of such requests on the business.
However, Coinbase acknowledged that in light of “uncertainties about these matters”, the results of the investigation could have “a material adverse impact on the company’s results of operations.”
In the second quarter of 2022, the company has already posted a net loss of $1.1 billion.
In a letter to shareholders, the exchange stated that the SEC submitted a voluntary disclosure request in May. The company added that they do not yet know whether the Commission’s initiative will become a formal investigation.
Coinbase stressed that it is ready for “productive discussions about the regulation of crypto assets and securities” with both the SEC and other regulators.
Earlier, in the US, Ishan Wahi, a former top executive of Coinbase, and alleged accomplices were arrested. They were accused of committing fraud using insider trading.
The SEC sued the suspects with similar arguments but emphasized that we are talking about securities fraud.
Coinbase emphasized that no securities are traded on its platform.
Citing sources, the media reported that the SEC has launched an investigation into Coinbase Global. According to them, the exchange caught the attention of the regulator against the backdrop of the platform, which increased the number of tokens for trading.
In August, two class action lawsuits were filed against Coinbase. According to the plaintiffs, the exchange offered investors cryptocurrency assets that must be registered as securities.
According to Forbes, the SEC has begun investigating the activities of every US-registered cryptocurrency exchange.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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