A United States Court has set aside Coinbase motion to dismiss the Securities and Exchange Commission’s lawsuit against the platform.
In a March 27 ruling, a Federal court in Manhattan gave a go-ahead to the case and struck out claims against Coinbase Wallet sparking debates along crypto community lines. According to court documents, Judge Katherine Failla stated that the Commission has sufficiently pleaded that Coinbase operates as an exchange, broker, and clearing agency under Federal Law.
Furthermore, Judge Failla also addresses the Staking Program and the issue of the offer and sale of unregistered securities. The court’s decision means the lawsuit will move forward to discovery. With the case going forward, Coinbase will rely on its legal arguments as the SEC alleges that it operates as an unregistered broker amongst other issues.
Coinbase Wallet Did Not Violate Laws
The court dismissed the part of the suit relating to the Coinbase Wallet acting as an unregistered brokerag
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