TechFlow reported on February 8, according to Reuters, that Manhattan federal judge Paul Engelmayer dismissed Coinbase's defense and ruled that Coinbase must face lawsuits brought by customers.
The customers accused the cryptocurrency exchange of illegally selling securities without being registered as a broker-dealer. The judge rejected Coinbase's argument that it does not constitute a "statutory seller" under federal securities law and allowed the lawsuits based on California, Florida, and New Jersey state laws to proceed.
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