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Coinbase Faces SEC Probe Over Crypto Yield, Staking Products

source-logo  coindesk.com  + 11 more 10 August 2022 21:35, UTC

Publicly traded crypto exchange Coinbase is under investigation by U.S. securities regulators over its token listing processes as well as its staking programs and yield-generating products, the company disclosed in its most recent quarterly report.

"The Company has received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products," Coinbase said in the disclosure.

The disclosure underscores the heat Coinbase faces as a vocal (and closely regulated) U.S. crypto business. It is under pressure on multiple fronts, including its belief that certain tokens are not securities and therefore exempt from SEC purview. The SEC has taken a different stance in its ongoing case against an ex-Coinbase employee accused of insider trading.

Still, Coinbase said in the disclosure that it believes these investigations will not "have a material adverse effect" on Coinbase's financial condition.

coindesk.com

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