- Exchange wants explanation for offering unregistered securities
- Company under investigation over its Coinbase Staking product
- An inspection in 11 states “helped” the SEC prepare for lawsuit
The cryptocurrency exchange Coinbase is under extensive investigation in the United States. It involves a task force of regulators from 11 states, including Alabama, California, Illinois, New Jersey and Maryland.</nbsp;
The reason for the proceedings was the steaking program at the. We mentioned it in a piece about Coinbase’s allegations by the SEC in Alabama.
But the actual scope of the investigation was much larger. In Alabama, for example, the exchange has 28 days to give a formal response on its product. In Maryland, even less, two weeks.
In California, the company was asked to “refrain” from offering unregistered securities in the state. By this we mean the same investment product Coinbase Staking.</nbsp;
We should remind you that the SEC (Securities and Exchange Commission) took an interest in the Staking programs back in February.. Kraken was then under the “hammer” of the agency, which was fined $30 million.
Late in March, Coinbase received a “Wells notice” of the potential lawsuit.. And on Tuesday, June 6, he himself followed. In response, the exchange said the regulator’s approach was detrimental to the entire U.S. economy and financial system.
Worthy, shortly after the “chain letter,” rumors swirled that Coinbase could withdraw from the U.S. market.. The company itself has repeatedly denied this, but now it looks like the gossip will flare up with renewed vigor.