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Coinbase Says Stablecoins are not Securities, Condemns SEC Attack on BUSD

“Imposing securities law onto stablecoins through enforcement instead of guidance or dialogue with the industry will push innovation offshore and weaken our global role.” This statement was made by Coinbase on Wednesday, in response to the recent attack on the BUSD stablecoin by the U.S. SEC.

The United States Securities and Exchange Commission led by Gary Gensler made the US dollar-denominated stablecoin, BUSD, its next victim after attacking Kraken exchange, claiming that the top U.S. centralized exchange overstepped the securities law. 

On February 9, the financial regulator charged Kraken for not registering the offer and sale of its crypto asset Staking-as–a–Service (SaaS) program, compelling the centralized crypto exchange to pay a sum of $30 million for settlement. 

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