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- Leading US cryptocurrency exchange, Coinbase, faces another lawsuit, this time involving eight altcoins.
- The plaintiffs in the new lawsuit claim that the tokens traded on Coinbase, namely ALGO, XLM, SOL, MANA, MATIC, NEAR, UNI, and XTZ, are in fact securities.
- The lawsuit was filed in the Northern District of California by the west coast law firm Scott+Scott, representing plaintiffs from California and Florida.
Coinbase, a leading US cryptocurrency exchange, is under legal scrutiny once again as it faces a new lawsuit involving eight altcoins. The plaintiffs claim these tokens are securities, marking another legal challenge for the crypto giant.
Coinbase Faces New Legal Challenge
The new lawsuit alleges that Coinbase has knowingly, deliberately, and repeatedly violated state securities laws since the inception of its business model. In response to these allegations, Coinbase issued a statement expressing full confidence in the judicial process and dismissing the claims as “legally baseless”. The company also stated its intention to fully address the allegations at the appropriate time.
Similarities with Ongoing Lawsuits
Interestingly, this lawsuit bears striking similarities to another case currently being litigated in the courts. The other lawsuit also alleges consumer damages resulting from the sale of securities on Coinbase’s platform. Initially dismissed in February 2023, the case was partially revived following a recent decision by the 2nd US Circuit Court of Appeals.
Coinbase’s Ongoing Legal Battle with the SEC
This latest lawsuit differs from Coinbase’s ongoing legal battle with the Securities and Exchange Commission (SEC) over whether tokens sold on Coinbase are securities. In this ongoing case, Coinbase recently filed a temporary appeal following a judge’s decision to allow the case to proceed.
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Conclusion
As Coinbase faces multiple legal challenges, the question of whether certain tokens are securities remains a contentious issue. The outcome of these lawsuits could have significant implications for Coinbase and the broader cryptocurrency industry. It remains to be seen how these legal battles will unfold and what impact they will have on the regulatory landscape for cryptocurrencies.
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