​A Judge Has Dismissed Coinbase's Class-Action Lawsuit

Coin base's stock jumped more than 20% on Thursday after a judge rejected a class-action lawsuit filed against the cryptocurrency exchange.

Judge Paul Engelmayer of the United States District Court for the District of Columbia dismissed the plaintiffs' accusations that Coinbase offered them unregistered securities and failed to register as a broker-dealer.

The action sought monetary damages from the sale of the digital assets, claiming that the contracts were unlawful since Coinbase was not registered with the SEC.

However, regardless of whether the assets were securities, the court determined that Coinbase's user agreement “flatly contradicts” the suit's argument that the corporation owns the assets exchanged on its exchange.

The court dismissed the lawsuit with prejudice, observing that “giving permission to amend would be pointless” since the plaintiffs had already made revisions “by adding additional accusations that clearly contradicted their original complaint”.

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