According to the Complaint, Coinbase Global, Inc. is a cryptocurrency exchange.

The Complaint alleges that, despite the fact that the Coinbase Digital Asset Platforms, as operated by Coinbase, meet the definition of an “exchange” under federal securities laws, Coinbase has not registered the Coinbase Digital Asset Platforms as national securities exchanges, nor does Coinbase operate the Coinbase Digital Asset Platforms pursuant to an exemption from registration. The Complaint further alleges that Coinbase’s failure to so register is a violation of Section 5 of the Exchange Act.

On January 11, 2022, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 11. Defendants filed a Motion to Dismiss the amended Complaint on May 10.

On February 1, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on February 9.

On April 5, 2024, the Court of Appeals issued an Order reversing in part and affirming in part the judgment of the District Court. The case was remanded for further proceedings.