SEC vs Coinbase: Court Denies Unregistered Broker Allegation

In a significant legal development, the U.S. District Court for the Southern District of New York has issued a ruling that stands in stark contrast to the Securities and Exchange Commission's (SEC) allegations against Coinbase Wallet. The court decisively rejected the SEC’s assertion that Coinbase Wallet functions as an unregistered brokerage service. Furthermore, Judge Katherine Polk Failla ruled against the SEC’s request to terminate Coinbase's cryptocurrency staking program, marking a pivotal moment for the digital asset industry.



This judicial decision elucidates that Coinbase Inc. has indeed engaged in the sale and offering of securities, complying with U.S. law, thereby countering the SEC’s prior lawsuit which claimed otherwise. Judge Failla’s findings further articulate that Coinbase, under federal securities legislation, oper


First found on: Cryptonews from Coinatory