SEC Just Served Coinbase In Latest Alleged Crypto Securities Violation

It’s been just revealed that Coinbase has been served by the SEC in the latest allegation of crypto securities violations. Check out the latest reports below.

It’s been just revealed that the SEC served Coinbase with a Wells notice Wednesday over concerns about alleged securities violations, according to a filing.

The Blockworks publication notes the fact that The Wells notice, which precedes an enforcement action, states that the SEC will be targeting Coinbase’s spot market, staking service, Coinbase Prime and Coinbase Wallet.

It’s also been revealed that the agency moves forward with a Wells notice after it has determined laws have been violated through an investigation.

The exchange in response on Wednesday said it has “produced documents and provided two witnesses for testimony, one on the basic aspects of our staking services and one on the basic operation of our trading platform.”

The SEC declined to comment. It’s also worth noting the fact that Coinbase pointed to its public statements and declined to comment further.

“We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets,” Coinbase said in its response statement on Wednesday.”

A top Coinbase researcher thinks the recent US banking crisis reinforces the value of blockchain and cryptocurrency technology.

David Duong, the head of institutional research at Coinbase, said in a recent analysis that crypto has “exhibited resilience” as some traditional banks faltered.

“Overall, we believe the medium to long-term outlook for cryptocurrencies has been reinforced to the upside.” Check out our previous article for more details.