SEC brings charges against cryptocurrency trading platform Coinbase

The Securities and Exchange Commission (SEC) is charging Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.

Coinbase was also charged for failing to register the offer and sale of its crypto asset staking-as-a-service program.

Users of trading platforms can stake their cryptocurrency, essentially locking up some of their assets, in exchange for payment later, much like earning interest rates in a savings account. Those assets are used by platforms like Coinbase Global to guarantee other transactions taking place on the blockchain. Coinbase has been critical of regulations related to staking, calling them vague.