"SEC's Increased Scrutiny on Crypto Threatens Coinbase's Existence"

The US Securities and Exchange Commission (SEC) has been given 10 days to explain why it has not clarified how existing securities laws apply to digital assets. Cryptocurrency-exchange Coinbase filed a request for rulemaking last July, but SEC Chair Gary Gensler has yet to say whether the SEC sees ether, the second-largest digital currency, as a security. However, the SEC has taken several enforcement actions against crypto firms alleging that they are selling unregistered securities, and the SEC is considering suing Coinbase. Gensler's silence allows the SEC to keep firing off enforcement actions, which will continue to provoke howls of inconsistent behavior.