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Coinbase: New lawsuit for unlicensed token sales pending



 Coinbase is facing a lawsuit over unlicensed sales of crypto assets.


The well-known US crypto exchange Coinbase is facing another legal battle. This time it is about the sale of cryptocurrencies, which can be viewed as securities.


Three Coinbase users have sued the company over 79 crypto tokens listed on the exchange. They mean that all are considered securities and therefore the sales are considered unlawful.


Christopher Underwood, Louis Oberlander and Henry Rodrigues filed the class action lawsuit in a US district court in New York last week. They claim that anyone who bought any of these tokens should be reimbursed a total of $5 million in trading losses.


The long list includes Polkadot, Dogecoin, Chainlink, Solana, and Ripple, among others.


According to the plaintiffs, Coinbase would have been required to register with the United States Securities and Exchange Commission (SEC) as a national securities exchange, which would result in significant regulatory and reportable activity for the exchange.


It is still unclear how crypto assets will be categorized in the US.


The lawsuit also addresses SEC Chairman Gary Gensler and one of his recent statements regarding Coinbase's registration status.


SEC Chairman Gary Gensler recently told the Senate Banking Committee that Coinbase has not registered with the SEC "even though they have dozens of tokens that could be securities."


The lawsuit is unlikely to go to court, nor will it extend beyond the original filing, given similar lawsuits in the past.


Last year it was reported that five planned class action lawsuits against crypto companies were voluntarily dismissed in US federal court in New York.


Coinbase continues to list new crypto assets, including the newly launched ApeCoin for BAYC NFT collectors. Coinbase added APE under the Experimental Asset label. This is a special category for low-liquidity assets that the exchange advises caution with.


The exchange made the following announcement on Twitter :


"Welcome to the club.


ApeCoin ($APE) is now available on Coinbase! @BoredApeYC is on board too.”

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