Coinbase, which is by trade volume the largest cryptocurrency exchange in the United States, announced yesterday it had been hit by the Securities and Exchange Commission (SEC) with a threat of looming legal action.
As a public Form 8-K filed by Coinbase with the SEC explained, "On March 22, 2023, Coinbase…received a 'Wells Notice' from the Staff…of the Securities and Exchange Commission….stating that the Staff has advised the Company that it made a 'preliminary determination' to recommend that the SEC file an enforcement action against the Company alleging violations of the federal securities laws."
