A new decision in the ongoing lawsuit between the United States’ largest cryptocurrency exchange Coinbase and the SEC is causing movement in the price of Bitcoin.
In the lawsuit between Coinbase and the U.S. Securities and Exchange Commission (SEC), the judge expressed that Coinbase operates as an exchange, broker, and trading company within the country’s laws, while referring to the staking program as a sale of securities.
Previously, Coinbase had filed a petition for the dismissal of the SEC lawsuit. According to the judge’s latest decision, this petition was also rejected, and thus the lawsuit was not dismissed. The court also supported the exchange against the SEC’s claims regarding Coinbase’s wallet.
Last year, the SEC alleged that SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO were securities, and filed a lawsuit against Coinbase in June for engaging in unauthorized activity.
As a result, the lawsuit has not ended but some decisions have been made.
Movement in Bitcoin
According to CoinGecko data, Bitcoin, which had reached its highest level in the past 10 days shortly before the decision on the lawsuit, had reached $71,800. Following the lawsuit decision, the price of Bitcoin experienced a steep decline of over 4%, falling to $69,050.
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