Cryptocurrencies

Coinbase Compares Buying Crypto to Collecting Beanie Babies

Exchange compares tokens to plush toys to oppose regulation
Courts are divided on whether crypto sales are securities

Coinbase was arguing for the dismissal of a Securities and Exchange Commission lawsuit accusing it of selling unregistered securities.
Photographer: Tiffany Hagler-Geard/Bloomberg

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By Chris Dolmetsch

January 17, 2024 at 8:20 PM UTC

Updated on

January 18, 2024 at 3:37 PM UTC

This article is for subscribers only.

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.