Coinbase of unlawfully making “billions of dollars” of profit while acting as an unregistered broker for securities. The crypto industry has clashed with the regulator in the past year over its efforts to classify most cryptocurrencies other than bitcoin as securities—aby the SEC’s Chair Gary Gensler.
In response to the SEC’s suit, Coinbase Chief Legal Officer Paul Grewal said the SEC's actions against the crypto industry were “hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.”, the SEC names thirteen different tokens, including Solana, Cardano, Polygon and others as examples of crypto assets on Coinbase “that are being offered and sold as investment contracts, and thus as securities.
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