Coinbase Beats Most Customer Claims Over Unregistered US Token Sales

Coinbase has won a significant victory in a lawsuit brought by customers who accused the exchange of selling unregistered securities. A U.S. District Judge in Manhattan dismissed most of the claims, ruling that Coinbase was not a statutory seller for 'matched' transactions, which accounted for an estimated 99.97% of trading volume.

The judge did allow customers to pursue claims over 'inventory' transactions, where Coinbase filled orders from tokens it owned, making up the remaining 0.03% of trading volume, equal to at least $178 million in sales.

Coinbase Chief Legal Officer Paul Grewal posted on X that the company would 'continue to vigorously defend the remaining 0.03%'.