New Lawsuit Filed Against Coinbase: Affecting Solana and 7 Other Altcoins
Latest News News

New Lawsuit Filed Against Coinbase: Affecting Solana and 7 Other Altcoins

A new lawsuit has been filed against cryptocurrency exchange Coinbase in the USA. A total of eight altcoins are mentioned in the lawsuit.

Coinbase, the leading cryptocurrency exchange by trading volume in the United States, is once again under the legal spotlight. 

A new class-action lawsuit has been filed against the company, claiming that its entire business model has been unlawful from its inception. This case mirrors a similar lawsuit the company is currently facing.

Plaintiffs in the new lawsuit claim that the ALGO, XLM, SOL, MANA, MATIC, NEAR, UNI and XTZ tokens traded on Coinbase are, in fact, securities. 

The lawsuit was filed in the Northern District of California by west coast law firm Scott+Scott, which represents plaintiffs from California and Florida.

See Also: Chainlink Collaborates With Rapid Addition To Develop Adapter for Institutional Digital Asset Trading

The lawsuit alleges that Coinbase has “knowingly, willfully, and repeatedly violated state securities laws since it began doing business.” 

In response to these allegations, Coinbase issued a statement denying the allegations as “legally unfounded,” expressing full faith in due process, and stating their intent to fully address the allegations at the appropriate time.

Interestingly, this case bears a striking resemblance to another case currently pending in the courts. This other lawsuit also alleges consumer damages resulting from the sale of securities on Coinbase’s platform. The case, which was initially dismissed in February 2023, was partially revived following a recent decision by the 2nd U.S. Circuit Court of Appeals.

This latest case differs from Coinbase’s highly publicized legal battle with the Securities and Exchange Commission (SEC) on a similar issue, namely whether tokens sold on Coinbase are securities. 

In this ongoing case, Coinbase recently filed a temporary appeal challenging a judge’s decision to allow the case to proceed.

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.