The Alabama Securities Commission (ASC) sent a show cause and cease and desist order to the San Fransico-based crypto exchange Coinbase on Tuesday. The ASC order gives Coinbase 28 days to explain why they should not be ordered to stop selling unregistered securities in Alabama.
In addition to alleged securities violations, the Alabama regulator claims “that Coinbase violates the securities law by offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities.” The ASC show cause follows the regulatory action against Coinbase on Tuesday when the SEC sued the exchange for not registering as a brokerage and for allegedly selling unregistered securities.
ASC director Amanda Senn stressed that the enforcement order is meant to protect retail investors in Alabama. “The ASC is committed to protecting Alabama consumers and investors, including those who choose to invest in the decentralized finance space,” Senn explained. “This action is another step toward ensuring that investors in crypto asset products are offered the same protections under our laws and are fully aware of the risks involved in these investments.”
In addition to the ASC, the document further claims that nine other states in the country participated in a “multi-state task force.” The other states that joined Alabama’s securities regulator include Kentucky, South Carolina, Washington, Maryland, California, Vermont, Wisconsin, Illinois, and New Jersey. Currently, Coinbase shares have been down more than 16% during the start of Tuesday’s trading sessions on Nasdaq.
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