Alex Dovnya
Coinbase faces new class action lawsuit in California
Read U.TODAY
google news
Coinbase, a virtual currency exchange based in the United States, confronting New class action lawsuit in the Northern District of California.
The complaint states that Coinbase offered and sold securities and investments to the plaintiffs and the class. The extensive list of tokens that make up digital securities includes Algordand (ALGO), Near Protocol (NEAR), Polygon (MATIC), Uniswap (UNI), Solana (SOL), and other tokens.
The plaintiffs allege that the major U.S. exchanges have “knowingly” and “knowingly” violated national security laws since they began operating as unregistered broker-dealers.
“Coinbase solicited all purchases and sales of digital assets through general solicitation, including solicitations on its website, social media ads, traditional advertising, and even Super Bowl commercials. The company solicited investments in “securities offered on its brokerage platform,” the lawsuit states.
Because the company failed to register itself or the securities it sold, the plaintiffs are seeking not only statutory damages, but also complete rescission (termination of the contract) and injunctive relief.
The U.S. Securities and Exchange Commission took Coinbase to court last year, accusing it of selling unregistered securities. As reported by U.Today, the S.E.C. Suspect The fact that Cardano (ADA) and other major cryptocurrencies were unregistered securities was a blow to the crypto industry.
In March, the SEC was able to score a major victory against the crypto giant, with the court rejecting the SEC’s bid to dismiss the case.
About the author
Alex Dovnya
