The SEC has already brought legal action against two crypto exchanges in 48 hours – and crypto prices are climbing.
It's only Tuesday, but the Securities and Exchange Commission has already brought legal action against two of the biggest platforms in crypto – and to the surprise of some, crypto prices are climbing. What began as a muted reaction Tuesday to the SEC's lawsuit against Coinbase , the largest U.S. crypto exchange and first publicly listed crypto company, turned into a positive one.
In March the securities regulator sent the company a Wells notice, warning that it had identified potential violations of U.S. securities law. In April, Coinbase sued the SEC, asking a federal judge to force the regulator to share its answer on the company's July 2022 petition on whether existing securities rule-making processes could be extended to the crypto industry. With that in mind, Tuesday's news was no bombshell to investors.
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