The U.S. Securities and Exchange Commision has filed a lawsuit against the Delaware-incorporated crypto giant, alleging it traded at least 13 crypto assets that are considered securities and should have been registered with regulators beforehand. Those assets include Solana, Cardano and Polygon. (The Logic)

Talking point: “The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital-asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance,” chief legal officer Paul Grewal told The Logic in an email. The lawsuit marks another significant move toward regulating the entire crypto industry and comes a day after the SEC sued Binance and its CEO Changpeng Zhao. The suit against Coinbase was expected, after the company disclosed in March that the SEC had warned that some of its services and listed digital assets may violate securities law.