ChainCatcher reported that according to Cointelegraph, Coinbase, the largest cryptocurrency trading platform in the United States, and its CEO Brian Armstrong are facing a new class action lawsuit from customers claiming that the company's business model is illegal.
The lawsuit was filed by law firm Scott+Scott in the Northern District of California on behalf of plaintiffs Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi and Brett Maggard (one each from California and Florida), who allege that Coinbase’s digital asset sales knowingly violated state securities laws since its inception.
In the lawsuit, the plaintiffs claim that Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar Lumens (XLM) are securities.
