The same month the SEC said Coinbase were violating securities laws, the USGOV sent 9,826 BTC to Coinbase to sell.

To further point out the sheer hypocrisy of the current state of US crypto regulation earlier this month Coinbase were sent a Wells Notice, a forewarning about potential coming actions from the SEC for breaking securities laws at virtually the same time (merely two weeks earlier) The US GOVERNMENT sent nearly 10k Bitcoin to Coinbase to sell (part of the seized stash from the silkroad hacker).

https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal

We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets. Rest assured, Coinbase products and services continue to operate as usual - today’s news does not require any changes to our current products or services.

Addresses associated with the U.S. government transferred out 49,000 BTC ($1.08B) seized from the Silk Road hacker on the 8th of March. Among them, 9,826BTC ($217M) was transferred to Coinbase and 39,175 bitcoin ($867M) was transferred to 2 new addresses.

https://mempool.space/address/bc1qmxjefnuy06v345v6vhwpwt05dztztmx4g3y7wp

https://preview.redd.it/7mhz1qer14ra1.jpg?679&format=pjpg&auto=webp&s=c28c1a92cc4041ba5af5523dfb01a6e5ba7aea46

It seems Coinbase is both simultaneously a shady business doing shady things that the SEC must put a stop to and also the premier place for The US Government to offload their ill gotten gains.

Pick a fucking side.