On Wednesday, Coinbase Global’s CEO Brian Armstrong responded to the US Securities and Exchange Commission (SEC) lawsuit against the crypto exchange, stating that the company has a long history of being transparent with the regulator. The SEC alleged that Coinbase traded at least 13 crypto assets that should have been registered as securities, including Solana, Cardano, and Polygon. Coinbase shares rebounded slightly the day after the lawsuit was filed, but have declined about 20% since then, wiping roughly $3 billion from the company’s market value. Short sellers have also made around $463 million in profits betting against Coinbase over the past two sessions. The lawsuit against Coinbase is the SEC’s second in two days against a major crypto exchange, following its case against Binance, the world’s largest cryptocurrency exchange, and founder Changpeng Zhao. Additionally, on Tuesday, ten US states led by California accused Coinbase of securities law violations concerning its staking rewards program.