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A new lawsuit has been filed against Coinbase, and it affects eight different altcoins. Coinbase, the leading cryptocurrency exchange in the United States, has frequently faced legal issues so far. The new lawsuit alleges that the company’s business model is unlawful and mirrors a previous similar lawsuit.
The plaintiffs claim that the ALGO, XLM, SOL, MANA, MATIC, NEAR, UNI and XTZ tokens traded on Coinbase are, in fact, securities. A law firm called Scott+Scott filed this lawsuit in the Northern District of California to represent plaintiffs from California and Florida.
The lawsuit alleges that Coinbase knowingly and knowingly violated state securities laws. Coinbase denies the allegations and expresses full faith in the judicial process. The company stated that they would address the allegations at the appropriate time.
This lawsuit addresses a different issue than the legal battle Coinbase is currently having with the SEC. In this fight, it is being discussed whether the tokens sold on Coinbase’s platform are securities or not. Coinbase objected to having its decision reviewed by a judge and filed a provisional appeal.
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