Summary
Coinbase compared buying cryptocurrency on an exchange to collecting Beanie Babies rather than investing in stocks or bonds. The exchange made this argument in a court hearing where it sought the dismissal of a lawsuit filed by the SEC, which accused Coinbase of selling unregistered securities.
Key Points
1. Coinbase Global Inc. compared buying cryptocurrency on an exchange to collecting Beanie Babies rather than investing in traditional assets like stocks or bonds.
2. The comparison was made during a New York federal court hearing where Coinbase was seeking the dismissal of a Securities and Exchange Commission lawsuit.
3. The lawsuit accused Coinbase of selling unregistered securities, and the company argued against this claim by emphasizing the difference between cryptocurrencies and traditional financial instruments.
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