Coinbase Facing Lawsuit Over Unlicensed Crypto Asset Sales

Three Coinbase users are attempting to sue the company over 79 crypto tokens listed on the platform. They may be considered securities, and therefore, the sales could be deemed unlawful according to the suit.
The trio, Christopher Underwood, Louis Oberlander, and Henry Rodriguez, filed the class action last week with the district court in the southern district of New York. They claim that everyone who has purchased any of these assets should be reimbursed for trading losses to $5 million collectively.
The list of cryptocurrencies is long and includes Polkadot (DOT), Dogecoin (DOGE), Chainlink (LINK), Solana (SOL), and Ripple (XRP), among others.
Securities or Not Securities
The plaintiffs claim that Coinbase should have registered with the Securities and Exchange Commission (SEC) as a national securities exchange. However, this would entail major regulatory and reporting obligations usually applied to stock exchanges.
Additionally, the SEC has dragged its feet on regulating and categor

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