Potential Class Action Lawsuit Looms Over US Crypto Exchanges, According to Reports
Leading securities lawyer Tom Grady is reportedly preparing for potential litigation against America’s largest crypto companies, including Coinbase, Robinhood, and Kraken. The lawsuit is expected to be filed on behalf of retail investors who lost money purchasing cryptocurrencies on these platforms.
The allegation is that these exchanges have violated the law by offering unregistered securities. Grady stated in a press release that “we believe Coinbase, Robinhood, and other exchanges have violated the law, and investors who lost money purchasing cryptocurrencies on their platforms may be entitled to recover those losses.”
This move is seen as the next salvo in Uncle Sam’s war on crypto, as the Securities and Exchange Commission continues to crack down on the industry. The potential class-action lawsuit could have significant implications for the crypto market, as it could lead to increased regulatory scrutiny and potentially even more lawsuits against other exchanges.
It remains to be seen how this will play out, but it’s clear that the crypto industry is facing increasing pressure from regulators and investors alike. As always, investors should be cautious and do their due diligence before investing in any cryptocurrency or exchange.