SEC sues Coinbase over exchange programmes, stocks drop 12%

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SEC sues Coinbase over exchange programmes, stocks drop 12%

US stock market regulators are suing one of America's oldest and most widely used crypto exchanges, Coinbase. The Securities and Exchange Commission says that Coinbase has been illegally acting as a broker for 13 cryptocurrency tokens. These are distinct from coins, which are still regulated and taxed as assets. But because tokens based on cryptocurrency blockchains offer a range of investment options, the SEC sees them closer to stocks than traditional cryptocurrencies. The news comes just days after the SEC sued Binance over misusing investor funds and misleading customers about the risk of market manipulation on the platform. The turmoil in the crypto world has sent the value of bitcoin up, as investors flee more novel digital financial instruments now in the government's glare.