Adam Cochran, a crypto investor and analyst, has provided a breakdown of the SEC complaint against Coinbase. The complaint alleges that Coinbase has been an unregistered broker since 2019, and also claims that it is a clearing agency. The SEC is focusing on Coinbase's staking program and a few specific assets, and is seeking fines and the closure of staking at most. Cochran disagrees with the SEC's claims, particularly in regard to the classification of a non-custodial wallet as a "broker-dealer".
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Breakdown of SEC Complaint Against Coinbase
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