© Reuters Coinbase soars 21% in shares after court victory in New York
New York, Feb 2 (.).- Shares of the cryptocurrency platform Coinbase (NASDAQ:) soared 21% on the stock market this Thursday after a federal judge in New York dismissed a class action lawsuit largely related to the qualification of the digital assets (tokens) that it trades.
The lawsuit, filed at the end of 2021, accused the company and its chief executive, Brian Armstrong, of trading the tokens as “securities” without being registered to do so with the United States securities regulator, but Judge Paul Engelmeyer decided this Wednesday to close the case by not finding sufficient arguments to support it.
In his decision, the magistrate indicates that the complainants made changes to their allegations to prevent the action from being dismissed, raising arguments about the ownership of the traded assets that contradicted the conditions of use accepted by the users of the platform.
The specialized media have considered that the case has been dismissed as an unusual judicial victory for a large company in the cryptocurrency market, subjected to greater scrutiny by the Securities and Exchange Commission following the collapse of the FTX platform a few months ago. .
Coinbase, which is the only exchange listed in the US after going public in 2021, was fined in early January in the state of New York, where it is licensed to operate, for failing to comply with protection regulations. consumer, cybersecurity and money laundering.
According to analysts, the listed company has also been boosted by the slowdown in the rate hike by the United States Federal Reserve announced this Wednesday, which in turn has had a positive effect on the price of cryptocurrency and other crypto assets.
