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Multi-State Regulators Issue Show Cause Order Against Coinbase for Alleged Securities Law Violations in Alabama

The Alabama Securities Commission has announced that a group of state regulators from ten different states, including California and Washington, have issued a Show Cause Order against cryptocurrency exchange Coinbase. The order alleges that Coinbase has violated securities law by offering its staking rewards program to Alabama residents without proper registration.

Coinbase has 28 days to respond to the order and show cause why they should not be directed to cease and desist from selling unregistered securities in Alabama. On the same day, Coinbase was also served a lawsuit notice from the U.S. Securities and Exchange Commission for offering unregistered securities. This is a developing story and updates will be provided.

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