USA’s largest cryptocurrency Coinbase, one of the exchanges, said in its last quarterly report that it is under the investigation of the SEC due to its coin listing transactions, as well as staking programs and yield products.
SEC Continues to Put Pressure on Coinbase
Coinbase stated in its statement:
“The company has received subpoenas and requests from the SEC for documents and information on certain client programs, operations, and the company’s processes for listing assets, the classification of certain listed assets, staking programs, and current and future products, including stablecoins and yielding products.”
The statement highlights the challenges Coinbase faces as a US-based (and tightly regulated) crypto company.
Coinbase Thinks Investigation Will Not Have Adverse Effects
Coinbase has come under pressure in many areas, including the belief that certain tokens are not securities and therefore exempt from SEC scrutiny.
The SEC took a similar stance in its ongoing lawsuit against a former Coinbase employee accused of insider trading.
Still, Coinbase said in its statement that it believes these investigations “will not have a material adverse impact” on Coinbase’s financial condition.
Coinbase recently announced its balance sheet, with expected revenue of $854 million, while actual revenue was announced as $803 million.
The stock market, which was affected by the decline in the crypto money market, made layoffs.
*Not investment advice.
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