The lawsuit from the Securities and Exchange Commission comes only a day after it
, the world’s largest crypto exchange, and its founder Changpeng Zhao, which are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws.In its complaint, the SEC said Coinbase made billions acting as the middle man for cryptocurrency buyers and sellers but did not give investors lawful protections while acting as a broker.
Coinbase announces the firing of about 950 employees, or 20% of its workforce, saying the cuts are needed to weather the worsening crypto downturn. “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,” said Paul Grewal, chief legal officer and general counsel for Coinbase, in a written statement. “The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation.
“You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement, in a prepared statement.
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