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Law firm Bragar Eagel & Squire filed a class action lawsuit in New Jersey District Court against bitcoin exchange Coinbase. Another claim came from Robbins Geller Rudman & Dowd LLP of San Diego.
According to the complaints, the platform made “false and misleading statements” regarding the nature of its activities. According to the plaintiffs, Coinbase offered investors crypto-currency assets that were supposed to be registered as securities.
The lawyers also cited a Bloomberg report about the alleged investigation. SEC regarding Coinbase. The reason allegedly was the possible provision of US residents with access to trading in digital assets, which can be regarded as securities.
Earlier, the US Department of Justice announced the arrest of the former product manager of the exchange, Ishan Wahi, and two of his accomplices. They were accused of fraud using insider trading.
The SEC filed a lawsuit against the suspects with similar theses and emphasized that we are talking about securities fraud. So the agency classified 9 of the 25 cryptocurrencies that the defendants allegedly used in their operations.
AT CFTC criticized the actions of the regulator.
In August, Coinbase agreed to cooperate with BlackRock. Clients of the latter will have direct access to digital assets trading through a portfolio management system Aladdin.
Recall, an aide to US Senator Cynthia Lummis told reporters that the SEC has begun to study every cryptocurrency exchange registered in the country. According to him, the Coinbase investigation is the tip of the iceberg.
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