The SEC on Tuesday sued Coinbase, the largest crypto trading platform in the U.S., setting up a head-on battle that could be a pivotal moment for the future of the $1 trillion digital asset market.

A day after filing more than a dozen charges against Binance, the world’s largest cryptocurrency exchange, the SEC alleged that Coinbase has been illegally running a national securities exchange, broker and clearing agency, among other charges. The lawsuit was filed in the U.S. District Court for the Southern District of New York.

“You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones,” SEC Enforcement Director Gurbir Grewal said in a statement. “The consequences for the investing public are far too great.”

Coinbase did not immediately respond to a request for comment.