Shares of (NASDAQ: COIN) are trading nearly 14% lower as of 10:36 a.m. ET today after the Securities and Exchange Commission (SEC) announced it is suing the large U.S.-based crypto exchange.

A day after suing the world's largest crypto exchange, Binance, on 13 different charges, the SEC continued its crypto crackdown by suing Coinbase. The news isn't entirely a surprise, considering the SEC issued a Wells notice to Coinbase earlier this year.

The SEC is alleging that Coinbase is running an unregistered securities exchange through its crypto trading operations and that the exchange did not register its crypto staking program with the SEC. Furthermore, the SEC claims that Coinbase has earned billions since 2019 by "unlawfully facilitating the buying and selling of crypto asset securities." 

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Source Fool.com