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Coinbase has requested a federal judge in New York to dismiss the Securities and Exchange Commission’s (SEC) lawsuit against it. The regulator sued Coinbase in June 2023, alleging that the crypto exchange had broken securities laws by functioning as an unregistered exchange, broker, and clearing agency. Moreover, it stated that Coinbase had been selling unregistered securities through its staking-as-a-service program, which incentivizes platform users with crypto rewards for participating in its proof-of-stake (PoS) process. You might also like: Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC However, on Aug. 4, Coinbase requested to dismiss the SEC’s charges against it. In its motion, the exchange said that it doesn’t trade securities. As a result, the company believed the SEC lacked jurisdiction over its operations, thus making the accusations against it immaterial. Coinbase’s chief legal officer, Paul Grewal, als...

In January, lawyer John Deaton persuaded the Judge in the SEC vs LBRY case that secondary LBC token sales don’t constitute a securities offering. Ripple may be holding its breath a bit longer after a United States District Judge refused to rule on if the secondary sale of LBRY Credits (LBC) constitutes a security. On July 11, New Hampshire District Court Judge Paul Barbadoro made the ruling in the case the United States Securities and Exchange Commission (SEC) brought against the decentralized content platform LBRY. The ruling may have offered legal precedent to fellow District Court Judge Analisa Torres, who is set to make a decision on the SEC’s case against Ripple in the coming months. In his ruling, Judge Barbadoro said: “Accordingly, I take no position on whether the registration requirement applies to secondary market offerings of LBC.” A secondary market is where traders buy and sell securities, while a primary market involves trading from the company issuing the security direc...