Coinbase, Tarred as an Illicit Exchange by the SEC, Quietly Got Regulated Elsewhere in the U.S.

“It’s not an easy registration to get,” said Davis, who is now co-chair of the financial-markets practice at Katten Muchin Rosenman. “It’s significant to get a registration like this,” he said, because a firm has to demonstrate strong systems for capital, disclosures, record keeping and segregating customer funds.