Coinbase faces SEC lawsuit, stock plummets.

The Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase, alleging that the cryptocurrency exchange was acting as an unregistered broker and exchange, violating securities laws. The SEC has demanded that Coinbase be "permanently restrained and enjoined" from continuing to do so. Shares of Coinbase fell 15% in premarket trading following the news. The SEC has alleged that at least 13 crypto assets available to Coinbase customers were considered "crypto asset securities" by the regulator. Coinbase has not yet responded to the allegations.