Coinbase is facing a class action lawsuit brought against it by users seeking damages arising from the sale or solicitation of 79 digital assets that they allege amount to illegal contracts because the platform is not registered with the US Securities and Exchange Commission.
The 2nd US Circuit Court of Appeals reversed a ruling that dismissed a class action lawsuit against Coinbase . The proposed lawsuit seeks damages from the sale of 79 digital assets. Coinbase CLO applauds the Second Circuit for confirming that exchange has no private liability for the secondary trading of digital assets. While the 2nd US Circuit Court of Appeals revived the lawsuit, and this may look like a setback for Coinbase , it affirmed Judge Paul A.
We appreciate the Second Circuit confirming today what is clear under the federal securities law: there's no private liability for the secondary trading of digital assets on exchanges like Coinbase. Why? Because contracts matter. 1/2 — paulgrewal.eth April 5, 2024 The consumers who filed the class action lawsuit failed to identify specific contracts that meet the requirements for cancellation under the law, according to the panel’s ruling.
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