Coinbase Receives Show Cause Order From 10 US States

Coinbase News: U.S. biggest cryptocurrency exchange, Coinbase Global Inc (NASDAQ: COIN) seems to be getting into big trouble as 10 state regulators joined Securities and Exchange Commission (SEC) in filing legal actions. Coinbase Stock price is already tumbling by 13% after SEC launched action.

More Trouble For Coinbase?

As per the fillings, the Alabama Securities Commission (ASC) issued a show cause order to Coinbase. The order mentions providing the crypto exchange with 28 days to show cause why they should not be directed to cease and desist from selling unregistered securities in the state.

It added that this action is taken by the task force of ten state securities regulators. This multistate task force includes Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin state regulators. Read More Coinbase News Here…

The state regulator alleges that Coinbase violated the U.S. securities law. It highlighted that the exchange offered its staking reward program to Alabama residents without registering with them. It added that ASC does not prohibit Coinbase from offering staking services.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

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