Breaking: New Class Action Lawsuit Filed Against Coinbase, Brian Armstrong
Release: 2024/05/05 02:44 Reading: 810
Breaking: New Class Action Lawsuit Filed Against Coinbase, Brian Armstrong
Coinbase Faces Allegations of Securities Misrepresentation
Cryptocurrency exchange Coinbase is facing a class action lawsuit alleging that the company misled investors into purchasing securities. The complaint, filed by individual plaintiffs, claims that Coinbase violated securities laws by selling digital assets that should be classified as securities.
Specific Digital Assets Identified as Securities
The lawsuit specifically names Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar Lumens (XLM) as securities. The plaintiffs argue that these digital assets meet the criteria of an investment contract, which is a type of security under U.S. law.
Class Action Filed Against Coinbase and Brian Armstrong
The class action lawsuit has been filed against Coinbase Global and its CEO, Brian Armstrong. The plaintiffs allege that Coinbase intentionally and repeatedly violated California and Florida securities laws. They claim that Coinbase's user agreement acknowledges that it is a "Securities Broker," which implies that the digital assets sold by the exchange are investment contracts or other securities.
Coinbase's Prime Brokerage and Coinbase Earn Accounts Allegedly Violate Securities Laws
The lawsuit also targets Coinbase's prime brokerage services, claiming that they act as a securities broker/dealer. Additionally, the plaintiffs allege that Coinbase's Earn accounts violated securities laws by promoting higher yields without registering with the SEC.
Plaintiffs Seek Damages and Relief
The plaintiffs are seeking full recession, statutory damages under state law, and injunctive relief. They have requested a jury trial. The lawsuit is similar to other class actions and the ongoing lawsuit by the SEC against Coinbase.
Coinbase Seeks Clarity on Investment Contract Definition
In a related development, Coinbase has escalated its legal dispute with the SEC by filing an interlocutory appeal on the definition of "investment contract." Coinbase believes that the SEC's interpretation of investment contracts is inconsistent with relevant case law and that it has a strong chance of prevailing in court.
Ripple vs. SEC Lawsuit Impacted
Coinbase's interlocutory appeal is also significant for the ongoing Ripple vs. SEC lawsuit. The SEC could potentially appeal Judge Torres' ruling that programmatic sales of XRP are not securities.
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