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In a latest development, Securities and Exchange Commission (SEC) of United States has sued Coinbase. This came a day after SEC launched a lawsuit against Binance, one of the largest crypto exchanges in the world. Crackdown on crypto exchanges continue by SEC resulting in price drop of crypto assets. At the time of writing, the Coinbase’s share price has dropped approximately by 19%.

The US Commission said in a statement that lawsuit has been filed against Coinbase for illegally running the business in the country, without seeking registration from the regulator first.

“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Gary Gensler, the Chair, said in a statement issued earlier today.

The SEC has classified 13 explicit crypto assets as Securities that are available on Coinbase. These include Cardano (ADA), Solana (SOL) Filecoin (FIL), Internet Computer (ICP), NEAR Protocol (NEAR), Polygon (MATIC) and others.

After SEC lawsuit against Binance yesterday, there was a sudden drop in top cryptocurrency prices. However today the crypto market has shown resilience and the prices have not been impacted much till now.

Link to SEC press release here.

Coinbase CEO & Co-founder Brian Armstrong has replied to the allegations via a tweet.

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