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Author: Amaka NWAOKOCHA, Cointelegraph; Compilation: Five baht, Bit Chain Vision
Coinbase cryptocurrency exchanges and its chief executives, Brian Armstrong, faced a new collective lawsuit, accusing investors who were deceived to buy securities and claimed that the company’s business model was illegal.
The lawsuit was filed with the San Francisco Branch of the North District of California, the plaintiff Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard, from California and Florida. Word assets, andIt is believed that since the establishment of the company, there is a violation of the National Securities Law.
The lawsuit is calledSolana’s Sol, Polygon’s MATIC, Near’s Near, Decentraland’s Mana, Algo’s Algo, Uni of Uniswap, XTZ to TEZOS, and Stellar Lumens’s XLM tokens are securities.
Screenshot of collective lawsuits.Source: CourtListener
The complainant said,Coinbase acknowledged that he was a “securities agent” in his user agreement and sold digital asset securities as an investment contract or other securities on the exchange.They also claimed that Coinbase Prime brokerage was a securities agent.
The plaintiff sought a comprehensive revocation, legal damage compensation stipulated in state laws, and a ban on the trial of the jury.This lawsuit is similar to another collective lawsuit, and accusing Coinbase’s sale of securities to cause damage to consumers.
Coinbase argued that the sales of second -level encrypted assets did not meet the securities transaction standards and questioned the correlation between securities supervision.
This new lawsuit is different from the widespread legal struggle between Coinbase and the US Securities and Exchange Commission. The US Securities and Exchange Commission also questioned whether the tokens sold on Coinbase should be classified as securities.Coinbase recently filed an intermediate appeal on the decision allowed the judge to continue.
In the documents submitted to the District Court of the Southern District of New York on April 26, a campaign is currently undergoing a campaign to overthrow the cryptocurrency lawmaker John Deaton, a cryptocurrency lawyer of Elizabeth Warren, and submitted a non -non -John Deaton.The parties stated their opinions to support 4,701 COINBASE customers.
Coinbase reports that under the support of the market performance and the spot of spot Bitcoin Exchange Trading Fund, a strong rebound occurred in the first quarter of 2024.In the first quarter of the exchange, the total revenue was 1.6 billion US dollars, net profit was US $ 1.2 billion, and the adjusted interest tax was $ 1 billion before the depreciation of the interest tax.
