As a long-term crypto investor who has closely followed the regulatory landscape and the developments at Coinbase, I find this new class-action lawsuit against the exchange concerning. The allegations that Coinbase has been operating as an unregistered broker-dealer while selling securities like ALGO, NEAR, MATIC, UNI, SOL, and others, are serious.
In the Northern District of California, a new class-action lawsuit has been filed against Coinbase, a leading cryptocurrency exchange based in the United States.
In the lawsuit, it is claimed that Coinbase provided and offered securities and investment opportunities to the plaintiffs and the class. Notable among these digital securities mentioned in the extensive list are Algordan (ALGO), Near Protocol (NEAR), Polygon (MATIC), Uniswap (UNI), Solana (SOL), and others.
As a crypto investor, I’ve become aware of allegations made against one of the largest US cryptocurrency exchanges. The plaintiffs claim that the exchange has deliberately and consciously broken state security laws since its inception by functioning as an unregistered broker-dealer.
The lawsuit states that Coinbase actively encouraged every transaction involving Digital Assets through various means of advertising. This includes their website, social media, traditional advertisements, and even during the Super Bowl. At all times, Coinbase was urging customers to invest in the Digital Asset securities they offered on their brokerage platform.
The company didn’t properly register itself or its selling securities with the necessary authorities. Consequently, the accusing parties are demanding the complete termination of the contract, a court order to cease this activity, and monetary damages prescribed by law.
Last year, the Securities and Exchange Commission of the United States filed a lawsuit against Coinbase, accusing the cryptocurrency exchange of selling unregistered securities. According to U.Today’s report, the SEC claimed that Cardano (ADA) and other significant cryptocurrencies were unregistered securities, raising concerns within the crypto sector.
In March, the Securities and Exchange Commission (SEC) secured a significant victory in their legal battle against a prominent cryptocurrency company. The court denied the defendant’s attempt to throw out the ongoing lawsuit.
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2024-05-05 11:54