SEC Investigating Coinbase Over Allegedly Issuing Cryptocurrencies As Unregistered Securities: Report

Coinbase is facing scrutiny from the U.S. Securities and Exchange Commission (SEC) over several alleged unregistered securities on its platform.

According to a new Bloomberg report, the SEC’s scrutiny of Coinbase has increased with the volume of assets offered by the exchange.

Coinbase chief legal officer Paul Grewal said that the exchange is still confident that the SEC’s investigation won’t find any wrongdoing.

“We are confident that our rigorous diligence process – a process the SEC has already reviewed – keeps securities off our platform, and we look forward to engaging with the SEC on the matter.”

Grewal also disputed the SEC claims last week in a series of tweets.

“We 100% disagree with the SEC’s assertion that any of the crypto assets we list are securities.

Coinbase has a rigorous process to analyze and review each digital asset before making it available on our exchange – a process that the SEC itself has reviewed.”

In the wake of crypto’s most recent market crash, the SEC has been vigilant in attempting to increase retail consumer protection, according to the report.

Coinbase’s shares have dropped by 9.2% following the news, which predates last week‘s revelation of a suspected insider trading scheme.

“Coinbase shares fell $5.23 to $61.84 at 9:32 a.m. in New York on Tuesday and changed hands for as little as $60.91. The stock has lost almost three-quarters of its value this year.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/vvaldmann

Source: https://dailyhodl.com/2022/07/26/sec-investigating-coinbase-over-allegedly-issuing-cryptocurrencies-as-unregistered-securities-report/