SEC sues Coinbase for operating unregistered securities exchange
The SEC filed civil charges against Coinbase alleging it operated as an unregistered national securities exchange, broker, and clearing agency since 2019, and offered an unregistered staking-as-a-service program. The complaint identified 13 specific tokens listed on Coinbase that the SEC alleged are securities. Coinbase contested the action. The matter was substantially dismissed in 2025 under the Atkins-led SEC (March 27, 2025 dismissal), illustrating the volatility of enforcement priorities across administrations.