Judge Dismisses Proposed Class-Action Lawsuit Alleging Coinbase Sold Unregistered Securities

U.S. District Court Judge Paul Engelmayer has rejected claims in a proposed class action by customers who claim Coinbase sold them unregistered securities and also failed to register as a broker-dealer, according to a filing on Wednesday.
The case is Underwood vs. Coinbase Global in the Southern District of New York. Coinbase CEO Brian Armstrong was also named as a defendant.
This is a developing story.
Related news
Policy
Mar. 29, 2023

That Binance Suit Sure Seems Bigger Than Just a CFTC Case
Between Coinbase, Binance, Justin Sun, Do Kwon and Custodia, there has been just so much news over the last week. And that’s largely just the U.S. But Binance is the most interesting, not only for what happened (the Commodity Futures Trading Comm...
Policy
Mar. 29, 2023

Coinbase Chief Legal Officer: There’s ‘A Lot to Unpack’ in CFTC’s Filing Against Binance
The Commodity Futures Trading Commission (CFTC) is going to great lengths to better gauge what is happening at the Binance exchange, said Paul Grewal, chief legal officer at rival exchange Coinbase (COIN). “There's a lot to unpack,” Grewal told ...
Policy
Mar. 29, 2023

Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures
Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, doesn’t believe that the digital assets sector should be blamed for the runs on Silicon Valley Bank (SVB) and Signature Bank that led to their quick demise earlier ...
Policy
Mar. 29, 2023
Crypto Exchange Beaxy Shut Down After SEC Lawsuit
Crypto platform Beaxy has officially closed its doors as the U.S. Securities and Exchange Commission (SEC) charged the company and its founder Artak Hamazaspyan with operating an unregistered exchange and brokerage, the agency said in a Wednesday...
Policy
Mar. 29, 2023

Do Kwon Extradition Sought by U.S., South Korea, Montenegro Justice Minister Says
The extradition of TerraForm Labs founder Do Kwon from Montenegro has been requested by both the U.S. and South Korea, Justice Minister Marko Kovac said at a Wednesday press conference. Kwon was arrested at Podgorica airport last week. Extradi...
Policy
Mar. 29, 2023

British Virgin Islands Court Orders 3AC Founders to Attend Examination on May 22
CORRECTION (March 29, 10:35 UTC): An earlier version of this article incorrectly said the examination was scheduled for Dec. 19, 2023 Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu have been ordered to attend court in the Briti...