Judge: SEC's claims against Coinbase to move forward

A New York judge ruled a case involving the SEC and Coinbase will go forward, throwing out the exchange's motion to dismiss.

Judge Katherine Polk Failla of New York ruled that a case involving the Securities and Exchange Commission and Coinbase is to proceed, denying the exchange's motion to dismiss the case.

Coinbase has pushed back on the SEC's claims, arguing for the case to be dismissed and accusing the regulator of taking a "regulation by enforcement approach." Throughout the order, the judge pointed to several key crypto cases, including Terraform where a judge sided with the SEC in its claim that the company offered and sold unregistered securities.

"Taking each in turn, the Court concludes that the SEC has adequately alleged that purchasers of certain crypto-assets on the Coinbase Platform and through Prime invested in a common enterprise and were led to expect profits solely from the efforts of others, thereby satisfying the Howey test for an investment contract," the judge said.Since 2017, retail and institutional customers can access a self-custodial wallet, called Coinbase Wallet.

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