Coinbase Sued for Allowing the Sale of XRP coins
Coinbase, the largest cryptocurrency exchange in the U.S., filed a class action lawsuit for illegal assets. Cryptocurrency exchange Coinbase has filed a lawsuit over the sale of XRP coins.
Cryptocurrency exchange Coinbase has filed a lawsuit over the sale of XRP coins. Someone with Thomas Sandoval alleges that the U.S. trading platform offered XRP coins to retail investors knowing that the token qualified as a security under federal law. Moreover, the stock market received commissions from such transactions.
In addition, Sandoval argues that Coinbase gained an “unwarranted competitive advantage” over other exchanges that offered only “commodities.”
Weak experiment with XRP coins
Stephen Pally, a partner at Anderson Kill Law Firm, says the lawsuit isn’t that bad for Coinbase. Perhaps the company will incur some fines, this lawsuit means little to him.
In addition, the expert believes that the prosecution is based on the assumption of Coinbase Lord, although this claim does not stand up to criticism because the status of the token has not yet been determined.
The filing date of the lawsuit is particularly noteworthy, as the stock market prepares to go public in 2021 and an IPO. Earlier this week it was reported that Coinbase would suspend XRP coins trading on all of its websites due to a lawsuit between Ripple and the U.S. Securities and Exchange Commission (S E C). The first hearing in the case will take place on February 22.