Coinbase slapped with class-action lawsuit in San Francisco

Main Points Related to Bitcoin, web3, Ethereum, and Cryptocurrency:

  • Coinbase facing class-action lawsuit for alleged violations of state securities laws
  • Pro-crypto lawyer John Deaton supporting Coinbase in legal battle with SEC
  • SEC suing Coinbase for operating as unregistered securities exchange and broker
  • Coinbase customers suing over handling of GYEN stablecoin and crypto staking program
  • Armstrong advocating for clearer regulations amidst regulatory scrutiny

Coinbase Faces Class-Action Lawsuit

A class-action lawsuit has been filed against cryptocurrency exchange Coinbase and CEO Brian Armstrong, alleging violations of state securities laws since inception. The lawsuit contends that tokens sold on Coinbase should be classified as securities, with plaintiffs seeking rescission of sales, damages, and injunctive relief.

Pro-Crypto Lawyer Supports Coinbase

Pro-crypto lawyer John Deaton has stepped in to support Coinbase in its legal battle with the SEC by filing an amicus brief. Deaton’s involvement coincides with Coinbase pushing back against SEC allegations and seeking regulatory clarity, highlighting ongoing tensions between crypto companies and financial regulators.

SEC Lawsuit Against Coinbase

The SEC has filed a lawsuit against Coinbase, accusing the exchange of operating as an unregistered national securities exchange and broker. The SEC claims Coinbase traded crypto assets that should have been registered as securities, including Solana, Cardano, and Polygon, leading to regulatory scrutiny and legal challenges for the company.

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