Welcome to the Tech Mem ride home for Tuesday, June 9th, 2023. I'm Brian McCullough today.

The SEC has officially sued coin base. Sequoia plans to split into three separate VC firms.

Why did Apple announce a bunch of AI features yesterday but shy away from actually

name-dropping AI? And all anyone cares about right now now two different hands-on experiences with the

Apple Vision Pro what is it like to actually use this thing? Here's what you

miss today in the world of tech. Boom there it is. The SEC this morning officially sued

coin base alleging the exchange has acted as an unregistered broker since at least 2019 and broke

various rules by offering staking services. Shares of the company are down

more than 20% at the time of this writing this morning, quoting Bloomberg.

The regulator said in a 101-page complaint that coin-based, the largest U.S.

crypto platform, evaded regulations by letting users trade numerous crypto tokens that were actually

unregistered securities. The move comes the day after the SEC sued Binance, the world's

largest crypto platform for a wider set of violations as part of a growing crackdown that could push digital

currencies back to the fringes of the US financial system. We allege that

coin-based despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,

SEC Chair Gary Gensler said in a statement.

The SEC is seeking an order that would require coin-based to comply with securities laws and give up what

the agency says were ill-gotten gains.

The SEC also accused coin base on Tuesday of breaking the agency's rules with its staking

service. That product lets customers turn over

their crypto tokens to facilitate transactions on a blockchain which then

pays a return to the customer end quote. So it's going to be interesting to find out which coins are actually

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