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ARTICLE · 13 JULY 2023

SEC Charges Binance And Coinbase In Latest Efforts To Crack Down On Crypto Industry

Cranfill Sumner
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The cryptocurrency industry has been under regular fire from regulators this year. The latest companies to face the wrath of the federal government are also some of the largest.

United StatesTechnology
Stephen Bell
Stephen Bell

The cryptocurrency industry has been under regular fire from regulators this year. The latest companies to face the wrath of the federal government are also some of the largest. Earlier this month the Securities and Exchange Commission ("SEC") brought charges against Binance (and its founder, Changpeng Zhao) and Coinbase – both household names known by all – through its Division of Enforcement's Crypto Assets and Cyber Unit. The Binance complaint and Coinbase complaint are must-reads for those in the industry and for those advising the industry. While the facts of each case are unique, SEC has made clear that it intends to relentlessly pursue the digital assets industry and treat industry participants as if they are dealing in traditional asset classes, ignoring the differences between digital assets and traditional securities.

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