Australian shares are poised to drop, in line with losses in New York. $A higher, bitcoin rally stalls, US 10-year yield slides. Follow updates here.
Coinbase Global said it received a notice from the SEC formally declaring the securities regulator’s plans to bring an enforcement action against the largest US crypto exchange, the latest development in a long-running dispute between the watchdog and the digital-asset company.
In a filing on Wednesday, Coinbase said the so-called Wells notice regards aspects of its exchange including an undefined segment of its listed digital assets as well as the staking service Coinbase Earn and Coinbase Wallet. A Wells notice comes at the end of an investigation and companies are given time to rebut the agency’s allegations. They often, but don’t always, lead to enforcement actions — either lawsuits or settlements and fines.
The crypto industry has been rattled by the uptick in SEC enforcement actions since the beginning of the year, including a settlement with Coinbase’s rival Kraken and a Wells notice to Paxos Trust alleging that the Binance USD stablecoin it issues is an unregistered security.
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