Coinbase Lawsuit Heats Up as Court Rules It Must Face Investor Claims | Airdrop Alert Pro

Dismissal Common cases Common cases – (Protected by email) walletCentralized communication U.S. federal court refuses to accept attempts to cancel investor lawsuits in New York The argument of exchange It is not the “statutory seller” of securities. U.S. federal court’s famous ruling Cryptocurrency Exchange It caused a sensational question: Are cryptocurrency securities?

Coinbase believes there is a “seller” in the New York lawsuit

Judge Paul Engelmayer’s rejection of Coinbase’s argument means that crypto exchanges will have to face lawsuits filed by investors in New York.

The main allegation against the cryptocurrency exchange lawsuit is that it sold at least 79 unregistered crypto securities.

Judge Engelmayer dismissed all arguments aimed at denying the exchange role, pointing out that clients trade directly with the exchange.

Coinbase answers: “We don’t sell securities”

Shortly after the federal court ruling, Coinbase issued a written statement explaining their position in the debate. The exchange asserts that they do not list, provide or sell securities. However, they welcomed the judgment, saying, “Today’s view is important in this case. In this case, the scope of discovery.” It is worth noting that they expressed confidence in the potential of the argument in court.

SEC Litigation: Another Legal Fight

It was in 2023 that Coinbase was dragged to court Unregistered Safe Sales. It’s no surprise that the SEC was the first to make serious charges against crypto exchanges. The regulator’s main allegation is that the exchange operates an unregistered securities platform.

Coinbase’s argument: Crypto trading is asset sales

Coinbase strongly challenged the SEC’s legal action, making the argument that cryptocurrency transactions on its platform are asset sales, not securities transactions. It even approaches the U.S. Court of Appeals, requiring that cryptocurrency transactions on its platform should be considered as asset sales, not securities transactions.

The exchange even filed a legal lawsuit against the SEC and federal deposit insurance companies, accusing the agency of failing to comply with the Freedom of Information Act.

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Coinbase Exchange: Market Overview

Coinbase is one of the most famous centralized cryptocurrency exchanges. It has an impressive trust score of 10 points. Its 24-hour trading volume is $4,600,949,539. It has changed by 17.3% in the past 24 hours. The exchange supports 272 coins and 420 pairs of trading pairs. The 24-hour quantity of BTC/USD is $1,108,040,694, making it the most active trading pair on the exchange.