The 101-page lawsuit alleges that Coinbase, the largest currency trading platform in the U.S., allowed more than 108 million people to use its platform and made billions from the dealings without proper registration.
“Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors,” the lawsuit read. “We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer and clearinghouse functions,” said Gary Gensler, SEC chairman. “In other parts of our securities markets, these functions are separate. Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC.
Paul Grewal, chief legal officer for Coinbase, said the answer to regulation concerns should come through legislation for digital currency — not an SEC lawsuit.
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