- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-06-06T17:44:00
The Securities and Exchange Commission (SEC) continued its crackdown on the digital asset industry Tuesday, charging cryptocurrency exchange Coinbase with violating federal securities laws.
The allegations against Coinbase, which are largely similar to charges levied against Binance by the SEC on Monday, include operating an unregistered securities exchange, broker, and clearing agency and the unregistered offer and sale of securities in connection with a staking-as-a-service program, the SEC said in a press release.
The agency is seeking injunctive relief, disgorgement of ill-gotten gains plus interest, penalties, and other equitable relief as part of its litigation.
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The Securities and Exchange Commission denied a petition filed on behalf of cryptocurrency exchange platform Coinbase that called for the creation of a new regulatory framework for crypto asset securities.
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
The Securities and Exchange Commission charged Binance Holdings, its U.S.-based affiliate BAM Trading Services, and their founder Changpeng Zhao with a series of securities law violations, including operating unregistered exchanges.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
