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News on Medial
Coinbase must face US securities regulator's lawsuit, says judge
Economic Times
·
1y ago
Medial
A federal judge in Manhattan has ruled that the US Securities and Exchange Commission's (SEC) lawsuit against Coinbase, the largest cryptocurrency exchange in the US, can proceed. While the judge dismissed one claim made by the SEC, the decision largely supports the regulator's approach to cryptocurrency. This is seen as a partial win for Coinbase, but the company will still face a lengthy legal battle. The SEC alleges that Coinbase is violating its rules, claiming that the exchange is operating illegally as a national securities exchange without proper registration. Coinbase plans to continue fighting the SEC's claims.
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The SEC’s crypto lawsuit against Coinbase can continue
The Verge
·
1y ago
Medial
US District Judge Katherine Polk Failla has ruled that the Securities and Exchange Commission (SEC) can continue its securities lawsuit against Coinbase. The judge stated that the SEC sufficiently argued that Coinbase operates as an exchange, broker, and clearing agency under federal securities laws. The judge rejected claims from the crypto community that existing laws are inadequate, emphasizing that the challenged transactions fall within the framework used to identify securities for years. However, she dismissed the SEC's claims against Coinbase's Wallet, stating that the SEC failed to demonstrate that Coinbase acts as a broker through its Wallet.
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Coinbase to face revived lawsuit by customers
Economic Times
·
1y ago
Medial
A federal appeals court has revived a lawsuit against Coinbase, the largest cryptocurrency exchange in the US. The lawsuit accuses Coinbase of illegally selling unregistered securities and failing to register as a broker-dealer. The court ruled that a lower court judge shouldn't have relied on a user agreement, as Coinbase had materially changed its agreements over time. The decision also upheld the dismissal of claims seeking to rescind customer transactions. The case will be returned to the lower court for further proceedings. Coinbase has welcomed the dismissal of some claims and the plaintiffs plan to continue their case.
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Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group
Startup News FYI
·
1y ago
Medial
The US Chamber of Digital Commerce is supporting Binance in its legal battle against the US Securities and Exchange Commission (SEC). The Chamber filed an amicus brief arguing that the SEC's lawsuit against Binance is misguided and the regulator is stifling innovation and driving crypto startups out of the US. The group claims that tokens are not securities and the platforms where they are traded are not securities exchanges. The SEC has been cracking down on various digital asset companies, including Binance, Coinbase, and Kraken, for alleged securities violations.
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Coinbase says SEC has agreed to dismiss case against it, pending commission approval
Economic Times
·
6m ago
Medial
Coinbase announced that the Securities and Exchange Commission (SEC) has agreed to dismiss its case against the platform, contingent on commission approval. This follows a lawsuit accusing Coinbase of operating as an unregistered securities platform. The announcement led to a 3% rise in Coinbase shares. Although the SEC has not confirmed this, the development aligns with a more lenient approach on cryptocurrency by the current administration. The crypto industry aims to strengthen its political influence.
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Coinbase, SEC set to face off in federal court over regulator's crypto authority
Economic Times
·
1y ago
Medial
Coinbase and the US Securities and Exchange Commission (SEC) are headed to federal court to determine the regulator's authority over cryptocurrencies. The case revolves around Coinbase's planned launch of a new lending product, which the SEC claims is a security and therefore falls under its jurisdiction. Coinbase argues that the product is not a security and that the SEC is overstepping its boundaries. The outcome of this case could have significant implications for the regulation of cryptocurrencies in the United States.
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Crypto.com sues US SEC after receiving legal threat from regulator
Economic Times
·
10m ago
Medial
- Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), claiming the agency is overstepping its jurisdiction in regulating the cryptocurrency industry. - The lawsuit comes after Crypto.com received a Wells notice from the SEC, indicating that the regulator's staff intend to recommend an enforcement action, as tokens traded on its platform are deemed securities. - Several crypto companies, including Robinhood, Coinbase, and OpenSea, have also received similar notices from the SEC, leading to accusations of overreach from the industry. - The lawsuit argues that the SEC has expanded its jurisdiction beyond statutory limits and imposed an unlawful rule that considers nearly all crypto assets as securities. - Additionally, Crypto.com has filed a petition with the Commodity Futures Trading Commission (CFTC) and the SEC, seeking clarification that certain cryptocurrency derivative products fall under the exclusive regulation of the CFTC.
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US judge says Google must face some advertisers' antitrust claims, dismisses others
Economic Times
·
1y ago
Medial
A U.S. judge has ruled that Google must face a proposed class action lawsuit from advertisers alleging that it has a monopoly over the ad exchange market. However, the judge dismissed other antitrust claims related to ad-buying tools used by large advertisers. The decision allows at least one key claim to proceed, stating that the advertisers have plausibly alleged antitrust standing in the ad-exchange market and the market for small advertisers' buying tools. The judge also ruled that Gannett, the largest U.S. newspaper chain, can pursue a separate case alleging that Google fraudulently concealed anticompetitive effects.
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Netflix can be sued by ex-Central Park Five prosecutor for defamation
Economic Times
·
1y ago
Medial
A federal judge has ruled that Netflix must face a defamation lawsuit by Linda Fairstein, a best-selling author and former Manhattan prosecutor, over her portrayal in the 2019 crime drama series "When They See Us." The judge found that Fairstein had plausible claims that Netflix, director Ava DuVernay, and writer-producer Attica Locke acted with actual malice in depicting her as a villain in the series. The lawsuit revolves around five scenes that allegedly defamed Fairstein, and the judge determined that a jury should decide whether there was clear evidence of recklessness. Netflix and the defendants' lawyers have not commented on the ruling. Fairstein faced backlash and lost her publisher after the series was released.
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Meta must face lawsuit claiming it prefers cheaper foreign workers
Economic Times
·
5m ago
Medial
A federal judge ruled that Meta must face a lawsuit alleging it favors cheaper foreign workers over qualified American candidates. Three U.S. citizens claim Meta refused to hire them in preference for visa holders. The judge cited data indicating a significant percentage of Meta's workforce holds H-1B visas, supporting claims of systematic bias. The lawsuit aims to address favoritism towards visa workers prevalent in the tech industry, requiring further enforcement or legislative reform.
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The last man standing in Crypto
Livemint
·
1y ago
Medial
Coinbase Global, the cryptocurrency exchange co-founded by Brian Armstrong, has managed to stay afloat amidst the collapses of other digital asset companies and government crackdowns. Despite a slowdown in the industry and unprofitable quarters, Armstrong has pursued expansion into foreign markets, launched new products, and formed partnerships with Wall Street firms. Coinbase is now serving as the custodian for eight spot Bitcoin exchange-traded funds and is set to ask a federal court judge for dismissal in a lawsuit filed against it by the Securities and Exchange Commission.
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