Coinbase Faces Lawsuit: Are Solana (SOL), NEAR (NEAR), Stellar (XLM) Considered Securities?
- US-based cryptocurrency exchange Coinbase is facing a new class-action lawsuit in the Northern District of California.
- The lawsuit alleges that Coinbase has sold securities and investments without proper registration, violating state security laws.
- The list of tokens considered as digital securities includes Algordand (ALGO), Near Protocol (NEAR), Polygon (MATIC), Uniswap (UNI), Solana (SOL), among others.
Coinbase, a leading US-based cryptocurrency exchange, is facing a class-action lawsuit for allegedly violating state security laws by selling unregistered securities. This development could have significant implications for the crypto industry.
Coinbase Hit with Class-Action Lawsuit
Filed in the Northern District of California, the lawsuit accuses Coinbase of “knowingly” and “intentionally” operating as an unregistered broker-dealer. The plaintiffs allege that the exchange has been soliciting purchases and sales of digital assets through various means, including website promotions, social media advertising, traditional advertising, and even Super Bowl commercials.
Unregistered Securities at the Heart of the Dispute
The lawsuit specifically points to a list of tokens that it considers as digital securities, including Algordand (ALGO), Near Protocol (NEAR), Polygon (MATIC), Uniswap (UNI), and Solana (SOL). The plaintiffs argue... Read the full article for FREE at COINOTAG!
