U.S. Court Declines Coinbase's Appeal to Dismiss SEC Lawsuit
Summary:
U.S. District Judge Katherine Failla has declined Coinbase's plea to dismiss the SEC's lawsuit against it. The SEC believes Coinbase acts as an unauthorized exchange, broker, and clearing agency. The lawsuit, initiated in June 2023, accuses Coinbase of breaching federal security laws by trading 13 specific tokens identified as securities. As the story evolves, more details will emerge.
A U.S. court has rejected the appeal of Coinbase to have the case presented by the U.S. Securities and Exchange Commission (SEC) against the crypto platform dismissed. This decision by U.S. District Judge Katherine Failla enables the SEC's lawsuit to continue against Coinbase. The accusation insists that Coinbase acts as an unauthorized trade platform, broker, and clearing firm, as per documents from the court on March 27, which read: "The Court is satisfied with SEC's allegation that Coinbase functions as an exchange, broker, and clearing agency under federal securities laws, and that it engages in the unauthorized advertisement and sale of securities via its Staking Program." In June 2023, the SEC launched a lawsuit against Coinbase, asserting that the crypto trading platform had breached federal securities laws by trading 13 tokens that it claimed were securities. Coinbase had been keen to get the case dropped, contesting the SEC’s jurisdiction over cryptocurrency exchanges. Related: Coinbase urges the court to dismiss SEC’s 'figurehead' securities judgment. As this story unfolds, more details will continue to be provided.
Published At
3/27/2024 5:09:13 PM
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