Coinbase wins dismissal of most claims in customer lawsuit over token sales

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โดย Reuters·Read original
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Coinbase won the dismissal of much of a proposed class action lawsuit accusing the largest U.S. cryptocurrency exchange of illegally selling unregistered securities. U.S. District Judge Paul Engelmayer in Manhattan dismissed all claims based on matched transactions, which accounted for an estimated 99.97% of trading volume, ruling that Coinbase was not a statutory seller because it did not pass title or solicit those trades. Customers may still pursue claims over inventory transactions, where Coinbase fills orders from its own token holdings, representing at least $178 million in sales and the remaining trading volume. The lawsuit, which began in 2021, targeted over 60 tokens including XRP and dogecoin, and the decision hinged on whether Coinbase qualified as a statutory seller under federal and state securities laws.

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