For the second time in 24 hours, the US Securities and Exchange Commission has sued a major cryptocurrency exchange. Yesterday, the regulator filed charges against Binance and its CEO, Changpeng Zhao, with accusations of manipulative trading practices, mishandling customer assets, and failures of corporate control. Today, the SEC followed up with a suit against the Nasdaq-listed exchange Coinbase, alleging that it has violated securities laws.
The double salvo sends a clear message that the SEC is gunning for crypto. The upshot of this could be that US investors lose access to popular crypto assets.
“We are reaching an end state where if the current regulatory crackdown in the US proceeds unchecked, then you’re
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