The Coinbase exchange reported that it had received requests from the U.S. Securities and Exchange Commission (SEC) regarding its operations, client programs, as well as its existing and future products.
According to the documents, the SEC is interested in asset-listing processes, the classification of assets, staking programs, and stablecoins.
At present, the exchange cannot assess the potential impact of such requests on its business.
However, in Coinbase, they conceded that, in light of the uncertainties inherent to these issues, the results of investigations could have a material adverse impact on the company’s operations.
In the second quarter of 2022, the firm already reported a net loss of $1.1 billion.
In the shareholder letter, the exchange noted that the SEC sent a voluntary information disclosure request in May. The company added that they did not yet know whether the Commission’s initiative would become an official investigation.
Coinbase stressed that it is ready for productive discussions on the regulation of crypto assets and securities with the SEC and other agencies.
Earlier in the United States, arrested former Coinbase executive Ishan Wahi and his alleged accomplices. They were charged with securities fraud involving insider trading.
The SEC filed lawsuits against the suspects with similar allegations, noting, however, that the case concerns securities fraud.
Coinbase stressed that no securities are traded on its platform.
Media, citing sources, reported that the SEC began an investigation into Coinbase Global. According to sources, regulator attention was drawn to the exchange as the platform expanded the number of tokens offered for trading.
In August, two class-action lawsuits were filed against Coinbase. The plaintiffs allege that the exchange offered investors crypto assets that should have been registered as securities.
According to Forbes, the SEC has begun examining the operations of every cryptocurrency exchange registered in the United States.
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