Coinbase Talks Lawsuit, Political Donations in Investor Letter
- ‘We remain confident in the strength of our legal arguments’
- Crypto exchange also highlighted its political contributions
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Coinbase Global Inc. drilled down on its ongoing legal issues with the US Securities and Exchange Commission as well as its political donations as it disclosed higher-than-forecast results for the first quarter.
The biggest US crypto exchange referenced a Manhattan federal court’s decision in March to dismiss the SEC’s claim that Coinbase had acted as an unregistered broker through its Wallet offering in its shareholder letter, but also mentioned that the court denied the company’s request to dismiss the case entirely. The SEC alleged in a lawsuit in June that Coinbase sells unregistered securities and illegally operates as an exchange, a broker and a clearing agency in violation of federal securities laws.