The tension between Coinbase and the United States Securities and Exchange Commission (SEC) has escalated after the exchange became involved in the bankruptcy plan of the Celsius Network project.
Celsius intends to use Coinbase to distribute funds to international customers and wants the court to approve some agreements with the exchange. In a document dated September 22, the SEC argues that the agreements between Coinbase and Celsius are beyond the service limits of a distribution agent, brokerage, and exchange.
The conflict between Coinbase and the SEC originated in 2022, when Coinbase sent a series of questions challenging the SEC, while also requesting the agency to provide a clear legal framework for cryptocurrencies.
By March 2023, the SEC sent a warning letter to Coinbase and then filed a lawsuit against the exchange for providing unregistered securities services.
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