The Crypto Community's Defiant Reaction to Gensler's Coinbase Lawsuit
The Breakdown
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Coinbase's Unregistered Brokerage
Coinbase is accused of operating as a brokerage without the appropriate registration. The SEC claims that being able to access some tokens via the wallet was enough to allege that Coinbase themselves were offering those tokens for sale. This obviously has huge implications for all providers of self-hosted wallets. If software can connect to DeFi protocol, who now might be considered to be operating unregistered brokerage?
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