USA’s leading cryptocurrency exchange Coinbasecame to the fore with the news of a new lawsuit. Stock market this time cryptocurrencies that can be considered securitiesUpon the complaint of three Coinbase users about the sale of .
The three users in question claim to have suffered from 79 crypto tokens listed on the platform. If these tokens are considered securities, their sale may be considered illegal.
Users Christopher Underwood, Louis Oberlander, and Henry Rodriguez filed a class action lawsuit in New York district court last week. They argue that anyone who buys any of these assets should be reimbursed for up to $5 million in collective trade loss.
Among the most prominent coins on the list Polkadot (DOT), Dogecoin (DOGE), Chainlink (LINK), Left (LEFT) and Ripple (XRP) exists.
The plaintiffs allege that Coinbase must register with the Securities and Exchange Commission (SEC) as a national stock exchange.
However, as is known, such an attempt to register brings with it huge regulatory and reporting obligations. The SEC, on the other hand, is still struggling to regulate and categorize cryptoassets. The US government has still not attempted to have a regulatory framework.
Although it is highly unlikely that the relevant case will go to court, it is highly significant that SEC chairman Gary Gensler recently told the Senate Banking Committee that not all exchanges are registered with the SEC.
“Coinbase Doesn’t Care”
Coinbase continues to list various tokens that only a handful of assets can currently be traded.
It is quite surprising that one of the last tokens to be listed is the newly launched ApeCoin for BAYC NFT collectors. The exchange added the APE under the “experimental asset label,” a special category for low-liquidity assets that the company advises to be wary of.