SEC raises concerns over Coinbases role in proposed Celsius plan
The US Securities and Exchange Commission has opposed a plan from Celsius that sought to use Coinbase as a distribution agent for international customers. The SEC opposes the plan because they believe that the “Coinbase Agreements go far beyond the services of a distribution agent, contemplating brokerage services and master trading services that implicate many of the concerns raised in the SECs District Court action against Coinbase.” Celsius filed for bankruptcy in July of last year. The regulatory agency sued the US-based crypto exchange in June of this year, alleging that its staking service violated US securities laws and that it operated as an unregistered broker. Additionally, the SEC took action against both Celsius and ex-CEO Alex Mashinsky in July. The SEC, in its lawsuit, accused the bankrupt crypto lender of misleading investors and raising billions through the “unregistered and fraudulent offers and sales of crypto asset securities.” Leia mais: Celsius initiates bankruptcy proceedings to ‘stabilize’ its business “The Debtors propose to engage Coinbase as Distribution Agent for international customers under the Plan and seek this Courts approval of the Coinbase Agreements,” the filing continues. The proposed bankruptcy restructuring from Celsius, which will need Court approval, could tap Coinbase to provide brokerage services. The SEC noted, though, that the
