- The exchange is required to explain in connection with the offer of unregistered securities
- The company came under investigation because of its product Coinbase Staking
- Inspection materials in 11 states “helped” the SEC in the preparation of the lawsuit
A large-scale investigation is underway against the cryptocurrency exchange Coinbase in the United States. It involves a task force of 11 state regulators, including Alabama, California, Illinois, New Jersey and Maryland.
The reason for the proceedings was the staking program on the platform. We mentioned this in the article about the accusations against Coinbase by the SEC in Alabama.
But the real scale of the investigation turned out to be much larger. So, for example, in the same Alabama, the exchange has 28 days to give an official response to its product. IN Maryland and even less – two weeks.
In California, the company was asked to “refrain” from offering unregistered securities in the state. By these we mean the same investment product Coinbase Staking.
Recall that the SEC (Securities and Exchange Commission) became interested in staking programs back in February. Under the “hammer” of the department then fell the Kraken exchange, which was fined $30 million.
Later, in March, Coinbase received a “Wells Notice” of a potential lawsuit. And on Tuesday, June 6, he himself followed. In response, the exchange said that this approach of the regulator is detrimental to the entire US economy and financial system.
Notably, shortly after the chain letter, rumors spread that Coinbase might leave the US market. The company itself has repeatedly denied this, but now it seems that gossip will flare up with renewed vigor.