Coinbase Sues SEC For 'Prosecuting' Crypto Firms, Seeking To 'Destroy' Industry

Coinbase is taking the SEC and FDIC to court -- the crypto exchange giant has been asking the SEC for regulatory clarity. (Credit: AFP)

KEY POINTS

• Coinbase noted that Gensler made a 'contradictory congressional testimony'
• The crypto exchange giant also sued the FDIC for its alleged efforts to de-bank crypto firms
• Coinbase has been pushing the SEC for regulatory clarity or new rules dedicated for the industry

Cryptocurrency exchange giant Coinbase sued the U.S. Securities and Exchange Commission (SEC) Thursday, accusing the Wall Street regulator of seeking to "cripple" and ultimately "destroy" the rising digital assets industry.