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Home News

SEC Lawsuit Against Coinbase Allowed

March 27, 2024
Reading Time: 3 mins read
in News
SEC Lawsuit Against Coinbase Allowed

The recent ruling by a United States court has declined Coinbase’s motion to dismiss the Securities and Exchange Commission’s (SEC) case against the exchange, consequently permitting the regulator to proceed with its lawsuit. The decision, delivered by U.S. District Judge Katherine Failla, affirms the SEC’s allegations that Coinbase functions as an unregistered exchange, broker, and clearing agency. Additionally, the court cited the SEC’s claim that Coinbase, through its Staking Program, engages in the unregistered offer and sale of securities, as outlined in the court documents from March 27. This ruling paves the way for the SEC’s pursuit of legal action against Coinbase, stemming from the SEC’s lawsuit filed in June 2023, which asserted that the crypto exchange violated federal securities laws by listing 13 tokens it alleged were securities.

Despite Coinbase’s argument that the transactions facilitated on its platform do not qualify as financial securities, the court upheld the SEC’s position, emphasizing that at least some of the transactions on Coinbase’s platform and through related services constitute investment contracts, which are considered securities under federal securities laws. The court’s decision to deny Coinbase’s motion to dismiss the case underscores the regulatory scrutiny and legal complexity surrounding the classification of transactions in the cryptocurrency domain. Furthermore, the court noted Coinbase’s lack of registration with the securities regulator, reinforcing the SEC’s claim that Coinbase operated as an unregistered intermediary of securities. The court’s ruling underscores the legal intricacies and ongoing regulatory challenges faced by cryptocurrency exchanges, reflecting the evolving landscape of regulatory oversight and compliance within the digital asset industry.

Reference:
  • SEC can proceed with Coinbase lawsuit: Court ruling
Tags: Cyber NewsCyber News 2024Cyber threatsCybersecurityMarch 2024SECSecurities and Exchange Commission'sUnited States
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