Crypto asset company Coinbase and its parent company have 28 days to show why they should be allowed to continue to business in Alabama.
Shares fell 22% in premarket trading Tuesday.
“This action is another step toward ensuring that investors in crypto asset products are offered the same protections under our laws and are fully aware of the risks involved in these investments,” Senn said.The Alabama Show Cause Order alleges that Coinbase violates the securities law by offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities.
The ASC action does not prohibit Coinbase from offering staking as a service, only so long as it complies with Alabama’s laws.
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