The 3 findings from the complaint between the sec and coinbase

The 3 findings from the complaint between the sec and coinbase

The allegations of the US stock exchange supervision SEC (Securities and Exchange Commission) against Coinbase largely commemorate the Bony case from the previous day-but also have some significant differences.

Here is a closer look at the text and the effects of the 101-page lawsuit of the Commission against America's largest crypto exchange.

Coinbase and Binance: complaints in comparison

similar to the binance-complaint on Monday the sec’s Style = "Font-Weight: 400"> Against Coinbase, was accused of registering as such a company because of the exercise of functions of a broker, a national securities exchange or a clearing point.

Nach Angaben der Kommission wurden den Anlegern durch die unterlassene Registrierung „die Offenlegungen und Schutzmaßnahmen vorenthalten“, auf die sie Anspruch hätten, und sie somit einem „erheblichen Risiko“ ausgesetzt.

In the submission, Coinbase was also accused of listening to a large number of "crypto-asset value papers" on his platform called 13 cryptocurrencies

Coinbase has claimed in the past to apply the Howey test to determine whether an investment contract is an investment contract when examining a wealth value for the listing on its platform-the most important lacquer test of the SEC. According to the company, 90 % of the assets based on legal standards from does not list not to any securities.

Nevertheless, the SEC Coinbase threw only to put a "lip service" on the idea of ​​legal conformity: "For years, Coinbase has been providing crypto-assets for trading, which are investment contracts according to the Howey test and established principles of the Federal Working Act."

In the bony lawsuit, the sec only called BNB and Busd as securities.

The third allegation of the SEC referred to the staking-as-a-service product of Coinbase, which the stock exchange had not registered with the Commission. With the program, users can use their proof-of-stake crypto-assets via the Coinbase platform and achieve earnings, while Coinbase receives a commission of 25–35 %.

The agency had already targeted the programs "bnb vault", "Simple Earn" and "staking" available via Binance US. There were also securities supervisory authorities at the state level Targeting Coinbase presented its staking product on Tuesday, including Alabama, California and others.

different penalties

Coinbase was sentenced to repay all "illegally acquired profits" in connection with their securities violations, together with pre-fault interest, civil law fines and other forms of adequate compensation for investors. At the octopus done After the company had charged in February due to problems related to its staking product at the SEC, it had to pay a fine of $ 30 million.

Binance was sentenced to pay similar punishments, but was also given a permanent ban to get involved in the securities and crypto exchange business.

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