Coinbase won a lawsuit over crypto transactions. ๐ช๐
Coinbase, a leading cryptocurrency exchange, has won a lawsuit against the Securities Exchange Act, confirming that secondary sales of cryptocurrencies on its platform do not violate the Act. ๐
The case involved a nationwide group of people who traded tokens on Coinbase from October 8, 2019, to March 11, 2022. ๐๏ธ
The plaintiffs claimed Coinbase's actions amounted to offering and selling unregistered securities and violating securities laws. ๐
Coinbase argued that secondary crypto-asset sales did not meet securities transaction criteria. ๐
The court overturned some lower court decisions while upholding others. The ruling is seen as a step forward in holding crypto platforms accountable under securities laws and promoting investor protection in the evolving crypto space. ๐ช
