Bank analysts state: the SEC is paying increased attention to platforms that allow trading not only in bitcoin and ether, but other crypto-assets that the regulator has already deemed or may deem unregistered securities. The SEC is particularly interested in companies that provide staking services: when a customer agrees to block their crypto-assets for a certain period of time in order to profit from them. The regulator believes that this practice has similarities to an investment contract and must comply with certain regulatory parameters.<br
Analysts at Bank of America noted that about 23% of Coinbase’s net revenue in the first quarter came from transactions unrelated to bitcoin or ether, and about 10% came from staking fees. Since the beginning of the year, cryptocurrency trading volumes on the trading floor have been markedly lower than in 2022, despite the market recovery.
The claim by the U.S. regulator against Coinbase Global is that the exchange has not registered as a broker, securities exchange or clearing agency. Bank of America says it could threaten Coinbase’s business model.
According to Bank of America data from last year, cryptoinvestors have begun to favor steiblocoins tied to the U.S. dollar or gold due to the prolonged recession in the United States.