Finst

SEC hits Coinbase and Justin Sun

The Securities and Exchange Commission (SEC) keeps coming down hard on the crypto market.

By Finst News
• 2 min read
SEC hits Coinbase and Justin Sun

The Securities and Exchange Commission (SEC) keeps coming down hard on the crypto market. The latest victims: Coinbase and Justin Sun.

According to its own account, the largest U.S. crypto exchange received a so-called "Wells notice" yesterday, March 22. In this notice, the SEC warns the company of taking legal action against Coinbase's staking products.

Coinbase, however, is "convinced of the legitimacy" of its "assets and services" and wants to show that the SEC isn't fair and reasonable in its regulation. Three days ago, the exchange urged for more clarity on the regulation of staking transactions in the U.S.

Meanwhile, the SEC has also taken legal action against Justin Sun. The accusation: Tron (TRX) and BitTorrent (BTT) are unregistered securities. In addition, the 32-year-old is alleged by the SEC to have manipulated the "secondary market of TRX" fraudulently through wash trading to artificially inflate Tron.

Furthermore, the SEC accuses several celebrities of illegal crypto promotion, including influencer Jake Paul and rapper Lil Yachty.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.