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Coinbase sued for allegedly selling 79 unregistered crypto securities: Crypto Moves
RIYADH: A class-action lawsuit was filed last week against the Nasdaq-listed crypto exchange Coinbase alleging that the platform lets customers trade 79 cryptocurrencies that are unregistered securities, including XRP, Dogecoin and Shiba Inu.
Lead plaintiffs and platform users Christopher Underwood, Louis Oberlander, and Henry Rodriguez allege that from October 8, 2019, to the present, Coinbase has allowed customers to buy and sell 79 different cryptocurrencies without disclosing that they are in fact securities.
The plaintiffs claim that “Coinbase’s sale of these tokens violates both federal and state law.”
The class covers all persons or entities that have transacted with any of the 79 crypto tokens on Coinbase or the Coinbase Pro platform during the class period, Bitcoin.com reported.
“Purchasers do not have access to the disclosures that accompany the issuances of traditional securities. Rather, investors receive — at most — only the so-called whitepapers, which describe the token, but do not satisfy the requirements for a prospectus under federal and state securities laws,” the plaintiffs said.
The US Securities and Exchange Commission, or SEC, chief Gary Gensler had said on several occasions that there is not enough investor protection in the crypto sector, according to Bitcoin.com.
He also stressed that some platforms list 50 to 100 tokens, some of which are likely to be securities.
However, the SEC has not effectively clarified what cryptocurrencies it considers securities.
Daily trading
Bitcoin, the leading cryptocurrency internationally, traded higher on March 20, rising by 0.40 percent to $41,888 at 11:55 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,927, down by 0.29 percent, according to data from Coindesk.
Other news:
US Congressman Pete Sessions said, “Bitcoin is aligned with American values and will strengthen the dollar,” in a tweet on March 18.
The lawmaker further noted that “the cryptocurrency is trending to be a more resilient alternative option to hedge against fiat-currency inflation.”
Morgan Creek Digital Assets co-founder Anthony Pompliano wrote: “Bitcoin embodies the American ethos of free markets and free speech.”
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