A US judge on Wednesday, cryptocurrency exchange Coinbase Global Inc has dismissed a lawsuit accusing it of selling unregistered securities and failing to register as a brokerage firm.
US District Judge Paul Engelmayer in Manhattan dismissed the claims in a class action lawsuit filed by customers who traded digital assets known as tokens on Coinbase’s trading platform.
The lawsuit was filed in March 2022.
Plaintiffs Christopher Underwood, Louis Oberlander and Henry Rodriguez, Coinbase Global Inc., Coinbase Inc. and Coinbase CEO Brian Armstrong.
The class action listed 79 tokens and alleged that the tokens were securities.
The token list included DOGE, DOT, LINK, MANA, MATIC, SHIB, SOL, and XRP, among others. Altcoins such as BTC, ETH and LUNA were not listed among these 79 coins.
“1INCH, AAVE, ACH, ADA, AGLD, ALGO, AMP, ANKR, ARPA, ATOM, AUCTION, AXS, BAL, BAND, BAT, BNT, BOND, BTRST, CGLD, CLV, COMP, CRO, CRV, CTSI, CVC , DNT, DOGE, DOT, ENJ, EOS, FARM, FET, FIL, FORTH, GNT, GRT, GTC, ICP, IOTX, KEEP, KNC, LINK, LOOM, LRC, MANA, MATIC, MKR, MLN, NKN, NMR , NU, OGN, OMG, ORN, OXT, PLA, POLY, QNT, QUICK, RARI, REN, REP, RLC, SHIB, SKL, SNX, SOL, STORJ, SUSHI, TRB, TRIBE, UMA, UNI, XLM, XRP , XTZ, XYO, YFI, ZRX.”
In the case, which was rejected by the court, the plaintiffs initially defended the following claim:
*Not investment advice.