SEC sues Coinbase for allegedly operating as an unregistered broker - The Washington Post

"Coinbase's alleged failures deprive investors of critical protections, including rule books that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC," the commission's chairman, Gary Gensler, said in a statement...

https://www.washingtonpost.com/business/2023/06/06/coinbase-sec-lawsuit/