It is said that a federal court states that the best crypto exchange coinbase in the US should make a Class Action right case in New York.
According to a new report Van Reuters rejects Paul Engelmayer, a judge for the southern district of New York, the argument of Coinbase that it was not eligible as a “legal seller” to reject a lawsuit that claims that the company has sold illegal effects in The form of digital assets to customers without being registered as a broker dealer.
Engelmayer says that Coinbase’s claim was invalid because it never passed the title to the 79 crypto assets that were traded by customers, and noted that “Coinbase customers only transact with Coinbase itself.”
Coinbase says in a statement,
“Coinbase mentions, offers or sells no effects on the stock exchange. We look forward to limiting the remaining claims at the court. “
Engelmayer further rejected to reject claims ruled by the laws of California, New Jersey and Florida, and noted that the complainants have enough grounds to claim that Coinbase was the direct seller of the crypto assets.
Engelmayer dropped the lawsuit in February 2023, but a court of appeal assessed the case and decided to return some parts of it to the court.
In June 2023, Coinbase was sued by the US Securities and Exchange Commission (SEC) due to alleged violation of securities laws and operating as a broker dealer without a permit.
A year later, however, Coinbase brought its own lawsuit against the regulatory body next to the Federal Deposit Insurance Corporation (FDIC) and claimed that they deliberately wanted to paralyze the industry of the digital assets.
As mentioned by Coinbase at the time,
“The SEC has conducted a scaled war war for digital asset companies that, in combination with efforts from other financial supervisors to rid crypto companies, is designed to paralyze the digital asset industry.”
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Featured image: Shutterstock/Yurchanka SiaRhei