6 Ethereum Altcoins Targeted By SEC Ahead of Coinbase Wells Notice

"The coins in question are Amp (AMP), LCX (LCX), Power Ledger (POWR), Rally (RLY), XYO Network (XYO) and DerivaDAO (DDX).

At the time, Coinbase strongly rejected the claim that the above crypto assets are securities, citing its “rigorous” and “SEC-reviewed” process for determining which assets are listed on the exchange.

Today, the SEC sent a Wells Notice to Coinbase, asserting the agency has made a preliminary determination that recommends the agency file an enforcement action against Coinbase."

Sounds to me that a legal analysis of the SEC's review needs to take place to prepare Coinbase for a lawsuit against the agency. If it turns out that the SEC signed off on any of these *tokens as being acceptable then the agency is eventually going to get itself investigated by a special prosecutor.

*SEC reviewed the process for selecting assets, though, one would think this lead to a lot of information sharing and discussion between the SEC, Coinbase's lawyers, and technical staff during this review process which would lock down criteria and even if the SEC didn't officially "sign off" on the final draft their participation lends the process some legal credibility.

https://dailyhodl.com/2023/03/22/6-ethereum-altcoins-targeted-by-sec-ahead-of-coinbase-wells-notice/