Coinbase faced a lawsuit over the unlicensed sale of securities
The plaintiffs claim that the 79 tokens traded on the platform are securities and their sale should be made illegal
18.03.2022 - 10:10
519
1 min
0
What’s new? Three clients of the Coinbase cryptocurrency exchange have filed a class-action lawsuit against the trading platform in the Southern District Court of New York after purchasing tokens. According to the plaintiffs, 79 tokens are securities and their sale should be declared illegal. The list includes Polkadot (DOT), Dogecoin (DOGE), Chainlink (LINK), Solana (SOL), and Ripple (XRP).
What does the lawsuit say? The plaintiffs Christopher Underwood, Louis Oberlander, and Henry Rodriguez allege that Coinbase operates as an unregistered securities exchange. The lawsuit cites the Securities and Exchange Commission (SEC) chief Gary Gensler and his recent comments on Coinbase’s registration status.
Gensler told the Senate Banking Committee that Coinbase has not registered with the SEC “even though they have dozens of tokens that may be securities.”
What are the precedents so far? In late 2020, the SEC accused Ripple of illegally selling $1,3 billion in unregistered securities under the guise of XRP tokens. As of March 2022, the litigation continues as the parties have not reached an agreement.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$97 942
BTC
+3.38%
-
Ethereum
$3 314.03
ETH
+7.49%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.29
XRP
+15.61%
-
Dogecoin
$0.382773
DOGE
-0.28%
-
Cardano
$0.824892
ADA
+2.67%
-
Bitcoin Cash
$483.41
BCH
+8.23%
-
Polkadot
$5.93
DOT
+3.51%
-
Stellar XLM
$0.274743
XLM
+12.72%
-
Litecoin
$89.1
LTC
+5.71%