The Blubber

SEC reportedly seeks temporary restraining order to freeze Binance US assets

Coinbase was recently sued by the SEC over its staking program. This included allegations that the crypto company acted as an unregistered exchange and broker.

The allegation also specifies how "13 assets listed on its platform were considered crypto securities." The exchange reportedly saw its shares drop by 16% in morning trading after already falling 9% a day before as the SEC charged Binance and CZ.

SEC chair Gary Gensler gave a statement to CNBC regarding the situation.

Gensler: “We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,”

Paul Grewal, the chief legal officer at Coinbase, also gave a statement regarding what the SEC was doing. It was noted that the there was a lack of clear ruling regarding the digital asset industry.

Grewal: “The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance,”

Grewal noted that the solution should be fair rules transparently developed and equally applied and "not litigation." It was then noted that the exchange would still continue its business operations.

Read mroe: https://unusualwhales.com/news/coinbase-sued-by-sec-over-staking-program-alleging-it-operated-as-an-unregistered-exchange-and-broker