Coinbase Lands $32 Million Deal with US Marshals Service, But SEC Lawsuit Looms

In a move that has raised eyebrows in the crypto community, the US Marshals Service has announced a partnership with Coinbase Prime to manage and sell its confiscated crypto assets. The deal, worth $32 million, will see Coinbase handle the sale of high-value assets, including Bitcoin and Ethereum.

Coinbase claims to have been chosen by the DOJ after a "thorough review" and due to its "excellent track record" in handling cryptocurrencies. However, the news has been met with skepticism by some, who point out that the SEC is currently embroiled in a lawsuit with Coinbase.

The SEC accused Coinbase of selling unregistered securities last year, and the exchange responded by filing a lawsuit against the regulator, alleging that the SEC and the FDIC had failed to provide adequate information. The case is ongoing, with no verdict yet reached.

The irony of the situation has not been lost on some observers, who note that the US government is simultaneously praising Coinbase as a reliable custodian of crypto assets while also suing the exchange. The situation has sparked debate about the regulatory environment for cryptocurrencies in the US, with some arguing that the government's approach is inconsistent and confusing.

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