SEC-Coinbase Crypto Lawsuit to Proceed on Majority of Claims, Hands SEC Key Win

Federal judge rules SEC's lawsuit against Coinbase can mostly proceed, finding the agency has a "plausible" case that Coinbase was operating an unregistered broker, exchange, and clearinghouse
Judge dismisses SEC's claim that Coinbase Wallet acted as an unregistered brokerage
Judge rules investors who buy tokens on Coinbase are not just buying the tokens but also buying into the token's broader ecosystem and expected growth
This is one of several cases that could define how the crypto industry can operate and be regulated in the U.S. going forward
If exchanges are forced to register as national securities exchanges, it could impose major new restrictions and disclosure rules on trading platforms