ILLINOIS SECRETARY OF STATE ALEXI GIANNOULIAS’ OFFICE IS JOINING NINE OTHER STATES IN A LAWSUIT AGAINST CRYPTO EXCHANGE COMPANY COINBASE.

THE SUIT ALLEGES THAT COINBASE VIOLATED SECURITIES LAWS BY ILLEGALLY SELLING UNREGISTERED INVESTMENTS TO MORE THAN 140-THOUSAND ILLINOIS CLIENTS SAYS SECRETARY GIANNOULIAS.

GIANNOULIAS SAYS BY NOT REGISTERING WHAT’S CALLED “STAKING OFFERINGS” WITH THE SECURITIES DEPARTMENT, INVESTORS DIDN’T FULLY UNDERSTAND THE RISKS INVOLVED.

THE LAWSUIT IS GROUNDBREAKING BECAUSE IT’S THE FIRST TIME THE SECRETARY OF STATE’S OFFICE HAS TAKEN LEGAL ACTION AGAINST A PUBLICLY TRADED DIGITAL ASSET COMPANY.