An alleged customer of the crypto exchange giant Coinbase has hit the trading platform with a class-action lawsuit – claiming that the crypto firm “illegally sold” him “securities” in the form of Ripple’s XRP tokens, which has actually enjoyed a surprising rally today.
In a legal document submitted to a District Court in California on December 30, a lawyer for the plaintiff, identified as Thomas Sandoval of St. Louis, wrote that as Coinbase is a “digital exchange” and as a “commodities broker for cryptocurrencies,” it is “not licensed to sell securities.”
The lawsuit alleges that given the Securities and Exchange Commission (SEC)’s action against Ripple and insistence that XRP is a security, it is clear that Coinbase flaunted the rules by listing XRP, claiming that doing so had provided it with “an unwarranted competitive advantage over digital asset exchanges that only sold commodities.”
But the plaintiff claimed Coinbase did all of this knowingly.
The lawyer added,
bestadmin
