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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCoinbase Threatens to Sue Crypto Traders Who Profited From Pricing Glitch
Coinbase, the world’s second-largest cryptocurrency trading platform by volume, is hinting it may sue about 1,000 users in the republic of Georgia for taking advantage of a pricing glitch. On Aug. 29, about 1,000 Coinbase users in the country straddling Europe and Asia exploited the “arbitrage opportunity” when the lari, the local currency, was priced […]
Crypto scam victims seek to hold Coinbase responsible for losses – The Washington Post
Over the past year, thousands of people have lost tens, if not hundreds, of millions in cryptocurrency when gangs of sophisticated scammers whisked their money out of their accounts, which are managed by an app from the publicly traded cryptocurrency giant Coinbase. Now those victims are fighting back. Nearly 100 people are trying to hold […]
Coinbase just launched a think tank. Meet the SEC veteran leading it. – Protocol
It was a quirky dig at the SEC. “I’ve decided not to set any curfew for my teenager. I’ll just ground her if she comes home later than I’d like. Regulation by enforcement,” Coinbase chief legal officer Paul Grewal wrote on LinkedIn last week, referencing what his company feels is the SEC’s heavy-handed approach to […]
Coinbase Is Going to Highlight Politicians by Their Crypto-Friendliness – Bloomberg
Coinbase Global Inc. is adding a scorecard for politicians right into its app as the largest US cryptocurrency exchange amps up its policy advocacy efforts after expressing frustration with lawmakers and regulators. American customers can check crypto sentiment scores for members of Congress based on their past statements, Brian Armstrong, chief executive officer of Coinbase, […]
Coinbase-backed suit against Treasury set to become landmark blockchain case
Can the U.S. government sanction computer code? That simple yet complex question is at the heart of a burgeoning legal fight backed by one of the world’s largest cryptocurrency exchanges. The answer will likely have major implications for the government’s power to control the functions of digital assets. *** “The power that’s delegated to OFAC […]
Coinbase bankrolls suit against Treasury Department following Tornado Cash sanctions
Coinbase is footing the bill for a lawsuit filed against the Treasury Department Thursday by users of the recently sanctioned crypto service, Tornado Cash. The six plaintiffs include Coinbase employees and other users of the mixing service that was blacklisted by the Treasury’s Office of Foreign Assets Control (OFAC) in August. Mixing services like Tornado […]
The Securities and Exchange Commission (SEC) Is Getting Clearer About How US Crypto Regulation Will Work
There’s two things that strike me about the SEC’s thinking. First, the SEC is really ramping up. We still don’t have any kind of formal rulemaking process directing crypto trading platforms to register as securities exchanges, but the agency is clearly building up a set of precedents. Remember, the SEC’s inquiry to Grayscale comes alongside […]
Coinbase Faces Class Action Lawsuit Over Alleged Lapses in Security
Coinbase failed to properly secure customers’ accounts, leaving them vulnerable to theft and unauthorized transfers, a putative class action lawsuit filed against the crypto exchange last week alleges. The complaint, filed in the U.S. District Court for the Northern District of Georgia, also accuses the company of causing financial harm to users by locking them […]
Coinbase Under SEC Scrutiny Over Its Crypto-Staking Programs – Bloomberg
Coinbase Global Inc. said it’s being probed by the US Securities and Exchange Commission over its staking programs, which allow users to earn rewards for holding certain cryptocurrencies. The company “has received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations and existing and intended future products,” according […]
Coinbase Executives Misled Shareholders About Public Listing, New Lawsuit Alleges
The lawsuit filed in Delaware, where Coinbase was incorporated, states the company made misleading statements in its registration form with the SEC, filed in February 2021, months before the direct listing. The suit points specifically to the alleged failure of Coinbase’s growth strategy, referred to as “flywheel” in the file. “Our unique approach draws retail […]