Securities and Exchange Commission Chair Gary Gensler listens during a meeting of top financial regulators at the U.S. Treasury Department on Oct. 3, 2022, in Washington, D.C. The SEC's lawsuit against crypto exchanges Binance and Coinbase this week are intended to bring both under the regulatory purview of the agency. Anna Moneymaker/Getty Images hide caption
Coinbase said it would lay off about 20% of its employees. Richard Drew/AP hide caption
Coinbase is a U.S.-based publicly traded cryptocurrency exchange. Chris Delmas]/AFP via Getty Images hide caption
Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. Lam Yik/Bloomberg via Getty Images hide caption
A Bitcoin ATM is seen at a subway station in Brooklyn Heights in New York City on June 13. Bitcoin and other cryptocurrencies have plunged in value in recent days. Michael M. Santiago/Getty Images hide caption
The mobile phone icon for the Coinbase app is shown in New York on April 13, 2021. Richard Drew/AP hide caption
Coinbase on Wednesday became the first major cryptocurrency company to be publicly traded on the Nasdaq. Rafael Henrique/SOPA Images/LightRocket via Getty Images hide caption