What did the SEC say about Coinbase?

The SEC accused Coinbase of operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. It also alleged that Coinbase failed to register the offering and sale of securities related to its staking-as-a-service program. The SEC claimed that Coinbase had illegally earned billions of dollars since 2019 by facilitating the buying and selling of crypto asset securities.