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Coinbase Argues Crypto Is Like Beanie Babies in SEC Case Hearing
Coinbase Global Inc. said buying cryptocurrency on an exchange was more like collecting Beanie Babies than investing in a stock or bond. The biggest US crypto exchange made the comparison Wednesday in a New York federal court hearing. Coinbase was arguing for the dismissal of a Securities and Exchange Commission lawsuit accusing it of selling unregistered securities. William Savitt, a lawyer for Coinbase, told US District Judge Katherine Polk Failla that tokens trading on the exchange aren’t securities subject to SEC jurisdiction because buyers don’t gain any rights as a part of their purchases, as they do with ... (full story)