U.S. District Judge Paul Engelmayer on Wednesday granted a motion to dismiss a securities class action suit against the cryptocurrency platform Coinbase, but he stopped short of ruling on the issue of whether cryptocurrency tokens qualify as securities.
The plaintiffs’ attorneys, represented by Jordan Goldstein of Selendy Gay Elsberg and Steven Bloch of Silver Golub & Teitell, argued that the 79 crypto tokens at issue in the case—unlike some other commodities traded on Coinbase, including Bitcoin—were securities and that Coinbase was improperly acting as a securities exchange.
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