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SEC Allowed By Judge To Move Forward With Charges Against Coinbase

Mary Liu

Summary: New York Judge Katherine Polk Failla ruled that the case involving the SEC and Coinbase will move forward, rejecting Coinbase’s motion to dismiss the case. Judge Failla said the SEC had "amplified its defense" that Coinbase operated as an exchange, broker and clearing house and engaged in unregistered sales of securities through its staking program. ...

New York Judge Katherine Polk Failla ruled that the case involving the SEC and Coinbase will move forward, rejecting Coinbase’s motion to dismiss the case.

Judge Failla said the SEC had "amplified its defense" that Coinbase operated as an exchange, broker and clearing house and engaged in unregistered sales of securities through its staking program.

However, the judge did decide to dismiss one of the SEC’s claims that Coinbase acted as an unregistered broker when it provided its e-wallet app to customers.

The case will next go to trial and go before a jury, although that process likely won't begin until 2025.

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