The US Securities and Exchange Commission (SEC) is allegedly planning to step up its investigations into Coinbase.
According to Bloomberg, which cited unnamed insiders familiar with the situation, the SEC has grown increasingly interested in Coinbase as the platform has increased the variety of assets it supports.
The SEC may require Coinbase to register as an exchange if these 150 assets are formally classified as securities.
The US Securities and SEC is apparently intending to intensify its investigations into Coinbase, the nation's largest cryptocurrency trading platform, due to concerns that it allowed US citizens to exchange assets that should have been registered as securities.
Bloomberg reported that the SEC has grown more interested in Coinbase as the platform has expanded the range of assets it handles, citing anonymous individuals familiar with the matter.
If these 150 assets are properly categorized as securities, the SEC may demand that Coinbase register as an exchange.
Chief legal officer Paul Grewal writes in the article that Coinbase "has a thorough procedure to assess and review each digital asset before we make it available on our exchange—a process that the SEC itself has reviewed" (our emphasis).
Grewal continued by questioning the lack of a comprehensive regulatory framework in the US and asserting that the SEC is just classifying any digital assets, including those that are not securities, as securities.