The Securities and Exchange Commission has taken regulatory action against Coinbase, the largest cryptocurrency trading platform in the US, alleging that it acted as an unregistered national securities exchange, broker, and clearing agency. The SEC pointed out that traditional securities markets typically separate brokers, exchanges, and clearing agencies, but Coinbase “intertwines” these services. This is just the latest regulatory action against a major cryptocurrency company. The agency argued that because Coinbase did not register as a broker, national exchange or clearinghouse, it prevented investors from receiving protection. These include SEC…