Class Action Lawsuit Against Coinbase Alleges Securities Law Violations
Release: 2024/05/05 08:44 Reading: 727
Coinbase Faces Securities Law Allegations from Individual Complainants
Coinbase has come under fire from individual complainants alleging violations of securities laws. The complainants claim that the exchange willfully disregarded such laws by offering certain digital assets as securities.
Class Action Complaint
A class action lawsuit has been filed against Coinbase Global and its CEO, Brian Armstrong, by five plaintiffs. The complaint alleges that Coinbase engaged in deceptive practices to induce investors into purchasing securities.
Securities Claim
The complainants assert that Coinbase willfully violated securities laws in California and Florida. They allege that Coinbase acknowledged its status as a "Securities Broker" in its user agreement, thereby classifying digital assets as securities alongside investment contracts. Coinbase's prime brokerage services are also targeted in the complaint.
Additionally, the complainants claim that Coinbase Earn accounts violated securities laws by offering inflated returns. They seek injunctive relief, statutory damages, and full recession in their demand for a jury trial.
SEC Complaint and Interlocutory Appeal
This case bears similarities to the SEC complaint and other class actions. Coinbase's interlocutory appeal centered on the concept of "investment contracts," further complicating its legal battle with the SEC.
Despite the SEC's conflicting view on investment contracts, Coinbase CLO Paul Grewal expressed optimism about the exchange's chances of prevailing. He cited the US Court of Appeals for the Second Circuit's clarification that secondary transactions of crypto do not constitute securities due to the absence of investment contracts as a basis for Coinbase's actions.
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