2024-03-27 18:21:08
A New York court rejected Coinbase’s request to dismiss a lawsuit brought against it by the United States
A federal court in New York on Wednesday rejected the request of the cryptocurrency platform Coinbase, which operates in 32 countries, to dismiss a lawsuit from the US Securities and Exchange Commission (SEC), which accuses it to operate as a stock exchange and stockbroker without being registered. “The court finds that the SEC properly alleges that Coinbase, through its betting program, engaged in the unregistered offer and sale of securities,” Katherine Polk Failla, judge for the Southern District of New York, said in the ruling.
However, the judge agreed to dismiss the SEC’s allegation – which filed the lawsuit last June – that Coinbase acted as an unregistered intermediary through its crypto wallet, which connects traders with the liquidity of other platforms. of negotiation.
After the court verdict was announced, the company’s shares fell more than 2% on the Wall Street stock market. “We were prepared for this, and we are waiting to learn more about the SEC’s internal opinions and discussions on cryptocurrency regulation,” the crypto exchange’s legal director, Paul Grewal, wrote on X on Wednesday.
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