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Globe/wire say SEC sues "Wild West" crypto player

2023-06-07 07:51 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Wednesday edition that the U.S. Securities and Exchange Commission on Tuesday sued Coinbase, accusing the largest U.S. cryptocurrency exchange of operating illegally because it failed to register with the regulator. A Reuters dispatch to The Globe says that the lawsuit is the SEC's second in two days against a major crypto exchange, following its case against Binance, the world's largest cryptocurrency exchange, and founder Changpeng Zhao. Both civil cases are part of SEC chair Gary Gensler's push to assert jurisdiction over crypto markets, which he on Tuesday again labelled a "Wild West" of investing, and to protect investors while shoring up their trust in capital markets. "The crypto markets are undermining that trust, and I would say this: It undermines our overall capital markets," Mr. Gensler told CNBC. Crypto companies including Coinbase have said SEC rules are unclear, and the regulator is overreaching. In its complaint filed in Manhattan Federal Court, the SEC said Coinbase has made billions of dollars by operating as a middleman on crypto transactions, while evading disclosure requirements meant to protect investors. The SEC contends that crypto assets are securities.

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