A federal court in New York rejected the cryptocurrency platform’s request this Wednesday Coinbase to dismiss a lawsuit United States Securities and Exchange Commission (SEC, in English), which accuses it of operating as a stock exchange and a stockbroker without being registered.
“The court considers that the SEC adequately alleges that Coinbasethrough its betting program, participated in the unregistered offer and sale of securities“, he points out in the sentence Katherine Polk Faillajudge of the southern district of New York.
However, the judge agreed to dismiss the allegation of the SEC -who filed the lawsuit last June- that Coinbase acted as an unregistered intermediary through its crypto wallet, which connects traders with liquidity from other trading platforms.
After hearing the court verdict, the company’s shares fell more than 2% on the stock market. Wall Street.
“We were prepared for this, and we are waiting to learn more about the SEC’s internal opinions and discussions on cryptocurrency regulation.“, wrote this Wednesday in X the legal director of the crypto exchange, Paul Grewal.
In January, the SEC approved the creation of exchange-traded funds for the first time (ETFsin English) linked to bitcoin, many of which have partnered with Coinbase.
The regulator’s decision gave the green light to the listing of eleven ETFs of this type that had requested it and opened the door to greater institutional acceptance of bitcoin in the United States financial markets.
Source: Gestion
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