The SEC has clearly been busy. The agency followed up its complaint against Binance by smacking Coinbase with charges the very next day. This isn't terribly unexpected: in late March the SEC hit Coinbase with a Wells notice, which is a formal notice saying "we're about to file a complaint against you, convince us not to." Coinbase decided that instead of any real attempt at convincing them not to, they would use the incident as a PR opportunity to try to win hearts and minds (of the public but also critically in Congress), convincing people that the SEC was being unfair to them and stifling innovation in the United States and all sorts of other things.

The SEC, apparently unconvinced by Coinbase's usual spiel, filed a complaint with five claims for relief involving operating without registering with the SEC and offering unregistered securities by way of providing a cryptocurrency staking program.

Coinbase has responded with its usual bluster, and vowed to fight the lawsuit. They don't really have much choice, given their business is almost entirely predicated on being able to continue operating in the US. A tweet by Coinbase CEO Brian Armstrong refers to "the US congress... introducing new legislation to fix the situation", suggesting he is hoping that Congress might bail him out of the mess he's in. Given the amount of lobbying Coinbase has been doing, and the apparent bought and paid for crypto advocates who sit in Congress, his hopes are not entirely misplaced, but we shall see. As with the lawsuit against Binance, this is not likely to resolve anytime soon, particularly if the companies both decide to fight in court.

• "SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency" , U.S. Securities and Exchange Commission
• SEC v. Coinbase
• Tweet by Brian Armstrong