Tag: Coinbase

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SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency

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Coinbase also charged for the unregistered offer and sale of securities in connection with its staking-as-a-service program

the staff of the Ridgewood blog

Washington D.C., June 6, 2023 —The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.

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Coinbase Responds to the SEC’s Wells Notice asking for Clearer Crypto Regulation

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file photo SEC Chair Gary Gensler

the staff of the Ridgewood blog

Ridgewood NJ, Coinbase has responded to the SEC’s Wells notice, asserting that they have not changed since being allowed to go public two years ago and still do not list securities. They seek SEC compliance to register for listing securities in the future. Coinbase makes clear that it will continue building its platform, seek legislation from Congress, and request SEC rulemaking for clearer crypto regulation.

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Crypto Exchange Coinbase facing an SEC investigation

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the staff of the Ridgewood blog

Ridgewood NJ, Coinbase is facing an investigation from the US SEC over whether it allowed users to trade unregistered securities. The SEC started taking a closer look at the exchange after it added over 100 additional tokens to its platform. Coinbase is confident that its diligence process keeps securities off its platform. The investigation is separate from the SEC’s case against Coinbase’s former product manager and two other people for insider trading.

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Revoking Job Offers Is Becoming an Increasingly Common Cost-cutting Strategy

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the staff of the Ridgewood blog

Ridgewood NJ, Tech companies like Coinbase, Redfin, and Twitter have started to rescind job offers after record levels of hiring over the past two years. The practice of rescinding offers was last seen widely during the financial crisis. More leaders are seeing it as a feasible strategy, as it is better than laying off employees, despite the reputational risks. The phenomenon has so far been mostly restricted to extremely well-paid tech jobs for highly in-demand workers.

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Coinbase says the SEC threatened legal action if the exchange goes ahead with plans to launch a lending program

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photo U.S. Securities and Exchange Commission Chair Gary Gensler

the staff of the Ridgewood blog

Washington DC, the US Securities and Exchange Commission intends to take legal action against Coinbase if the exchange follows through with plans to launch Lend, a program that would allow users to earn interest on lended assets, the company revealed late Tuesday.

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Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin

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the staff of the Ridgewood blog

Ridgewod NJ, Coinbase has made an important update on the USD Coin page following an audit. The page previously stated that all of the coin’s reserves were held in cash, but the audit found that USDC’s reserves were not fully backed by US dollars held in a bank account. Coinbase’s USDC page now states that each USDC is backed by one dollar or asset with equivalent fair value. Users can always redeem one USDC for one US dollar. Circle, the company that oversees USDC, recently announced plans to become a full-reserve national digital currency bank in the US.