SEC Lawsuits Against Coinbase and Binance Shake Crypto Industry

Coinbase CEO Brian Armstrong has hit back at SEC Chair Gary Gensler over the agency's lawsuit against the crypto exchange, calling him an "outlier," while reassuring customers that their funds were safe. The SEC has alleged that Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano, and Polygon. Armstrong has been an outspoken critic of the SEC and has led a push in Washington for clearer crypto rules. Coinbase has been pushing the SEC to formulate new crypto-specific regulations since last year and in April asked the U.S. Court of Appeals for the Third Circuit to compel the regulator to respond.