SEC vs. Coinbase: crypto is uncomfortable in the US

SEC vs. Coinbase: crypto is uncomfortable in the US The regulator accuses Coinbase that the platform illegally combines three functions - a broker, an exchange, and a clearing agency - that are usually separated in traditional markets. It is assumed that the exchange evaded taxes and the correct disclosure scheme. The topic is old, but there are still no serious arguments.The SEC considers that crypto assets offered for trading on Coinbase function as investment contracts and are therefore securities. The black list includes Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.The regulator also targeted the Coinbase Earn staking program: the exchange allegedly deprives its customers of important protections that prevent fraud and manipulation. Brian Armstrong and other managers of the company do not appear in this lawsuit, unlike the situation with Binance.Recall: On June 5, 2023, the SEC sued Binance and its CEO Changpeng Zhao. As a result, over the past 24 hours, the exchange has recorded a net outflow of $778.6 million in crypto tokens on the ETH blockchain, and its US affiliate Binance.US has registered a net outflow of $13 million. Over the past three months, Binance has lost more than 25% of the volumes due to pressure from US regulators.By the way, the US Chamber of Commerce came out in support of Coinbase and accused the SEC of deliberately creating a dangerous situation for cryptocurrency companies. But no one heard this voice of protection.Shares of the crypto exchange sank by 19-27% in a few hours, and most of the assets from the SEC list also showed a negative trend. If the regulator wins, Coinbase faces a temporary or permanent suspension of activities, as well as fines, which, of course, will have a severe impact on their customers in the United States.The confrontation will be long and aggressive, so money management in crypto transactions needs to be made tougher.Profits to yall!#ForexChief #Coinbase #stocks #Market #forexnews #blockchain #worldnews #crypto