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Coinbase sued for $5 million in damages

 


Crypto exchange Coinbase has been sued in a class action lawsuit for damages.

Three Coinbase users claim that Coinbase has listed 79 tokens including Polkadot (DOT), Dogecoin (DOGE) and Ripple (XRP) that could be classified as securities.

In this case, the stock exchange would have made itself liable to prosecution for unauthorized trading in securities.

The plaintiffs are seeking damages totaling $5 million.

The class action has been filed in the district court in the Southern District of New York.

Whether tokens could be securities under US law is currently being negotiated in the Ripple precedent .

It seems unlikely that charges will be filed. Similar charges were dismissed last year .

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