SECURITIES AND EXCHANGE COMM. v. COINBASE, INC.

23 Civ. 4738 (KPF).

726 F.Supp.3d 260 (2024)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. COINBASE, INC. and Coinbase Global, Inc., Defendants.

United States District Court, S.D. New York.

Signed March 27, 2024.


Attorney(s) appearing for the Case

Ben Ninan Kuruvilla, Ladan Fazlollahi Stewart, Peter Mancuso, Jorge Gerardo Tenreiro, U.S. Securities and Exchange Commission, Enforcement Division, New York, NY, Nicholas Margida, David S. Mendel, Rebecca Dunnan, Patrick Reinhold Costello, Securities and Exchange Commission, Division of Enforcement, Washington, DC, for Plaintiff.

Kevin S. Schwartz, Sarah Kathleen Eddy, William D. Savitt, Adam Michael Gogolak, David P.T. Webb, Emily Rose Barreca, Sijin Choi, Wachtell, Lipton, Rosen & Katz, New York, NY, James McDonald, Olivia G. Chalos, Julia A. Malkina, Kathleen Suzanne McArthur, Steven Robert Peikin, Sullivan & Cromwell LLP, New York, NY, for Defendants.

Michael R. Dreeben, Andrew Robert Hellman, O'Melveny & Myers LLP, Washington, DC, Melissa Claire Cassel, O'Melveny & Myers LLP, San Francisco, CA, William Ka Hing Pao, O'Melveny & Myers, LLP, Los Angeles, CA, for Amici All Capital Management, L.L.C., Paradigm Operations LP.

Michelle Kallen, Jenner & Block LLP, Washington, DC, Kayvan Betteridge Sadeghi, Jenner & Block LLP Jenner & Block LLP, NeW York, NY, Sarah Aim Purtill, New York, NY, William F. Ryan, Jenner & Block LLP, London, UK, for Amicus Senator Cynthia M. Lummis.

Donald B. Verrilli, Jr., Munger, Tolles & Olson LLP, Washington, DC, C. Harker Rhodes, IV, Clement & Murphy PLLC, Alexandria, VA, for Amicus Blockchain Association.

C. Harker Rhodes, IV, Clement & Murphy PLLC, Alexandria, VA, for Amici Crypto Council for Innovation, Chamber of Progress, Consumer Technology Association.

Paul Whitfield Hughes, III, McDermott Will & Emery LLP, Washington, DC, Brianna Alexandra Perez, Joseph B. Evans, Patrick Vincent Kennedy, McDermott Will & Emery LLP, New York, NY, for Amicus The Chamber of Digital Commerce.

Vincent Gregory Levy, Holwell Shuster & Goldberg LLP, New York, NY, Alison B. Miller, Davis Polk & Wardwell LLP, New York, NY, for Amicus Securities Law Scholars.

Jeffrey Benjamin Dubner, Orlando Economos, Sarah Goetz, Democracy Forward Foundation, Washington, DC, for Amicus Administrative Law Scholars.

Scott David Brenner, Parlatore Law Group, LLP, New York, NY, for Amicus New Finance Institute.

Vincente Leon Martinez, North American Securities Administrators Association, Inc., Washington, DC, for Amicus North American Securities Administrators Association, Inc.

John Deaton, Deaton Law Firm, East Providence, RI, for Amicus John Deaton on behalf of 4,701 Coinbase Customers.

John Deaton on behalf of 4,701 Coinbase Customers, Pro Se.


OPINION AND ORDER

The United States Securities and Exchange Commission (the "SEC" or the "Commission") brings this enforcement action against Coinbase, Inc. ("Coinbase") and Coinbase Global, Inc. ("CGI") (collectively, "Defendants"), alleging that Coinbase intermediated transactions in crypto-asset...

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