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Matt Levine

The SEC Is Coming for Coinbase

Also Tron and Lindsay Lohan, First Republic’s balance sheet and bond market liquidity on the blockchain.

Programming note: Money Stuff will be off tomorrow, back on Monday. Try not to do any bank runs while I’m gone.

I don’t know what the US Securities and Exchange Commission’s Wells notice to Coinbase Global Inc. is about. The notice itself — a letter that the SEC sends saying that it intends to bring an enforcement action — is quite bare-bones and doesn’t say what the issue is, though presumably the SEC has given Coinbase some more detail over the phone. Quite possibly the problem is something fairly contained, like, “recently you launched a new product that we think violates the securities laws, so we are going to bring an enforcement action focused on that product.”