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According to a statement released by the Alabama Securities Commission on June 6, an interstate task force that includes state regulators from Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin has issued the Show Cause Order against cryptocurrency exchange Coinbase. The order alleges that “Coinbase violates securities law by offering accounts in its staking rewards program to Alabama residents without registering to offer or sell those securities.”
Specifically, the order gives Coinbase 28 days to show a reason why they should not be ordered to cease and desist from selling unregistered securities in Alabama. On the same day, Coinbase received a notification from the US Securities and Exchange Commission about the offer of unregistered securities.
This is breaking news and will be updated accordingly.