• Coinbase sued for selling XRP
    Regulation,  Ripple,  XRP

    Coinbase sued for selling XRP

    The $10 million lawsuit, which seeks class action status, follows the U.S. Securities and Exchange Commission’s lawsuit against Ripple for selling XRP, which the agency claims is an unregistered security

    Noting that Coinbase is not licensed to sell securities, the suit called Coinbase’s sale of XRP “unlawful” and “fraudulent,” claiming that “Coinbase falsely represented that XRP was a commodity when… Defendant knew it was a security.” It also said that selling XRP was “unfair” as it gave Coinbase “an unwarranted competitive advantage over digital asset exchanges that only sold commodities.”