Plaintiffs allege that SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ, and XLM are securities in a class action lawsuit filed against Coinbase Global and CEO Brian Armstrong.

Coinbase, a cryptocurrency exchange, is the target of another class action complaint that claims it deceived investors into purchasing assets. Individual complainants have filed the case, alleging Coinbase has broken securities laws.

Furthermore, the lawsuit claims that the following are securities: Uniswap (UNI), Tezos (XTZ), Stellar Lumens (XLM), Decentraland (MANA), Polygon (MATIC), Near Protocol (NEAR), Solana (SOL), and Algorand (ALGO).

Coinbase and Brian Armstrong Plaintiffs are the targets of a class action lawsuit.

According to a court filing, Brett Maggard, Edouard Cordi, Tiffany Smoot, Edwin Martinez, Gerardo Aceves, and Thomas Fan have filed a class action lawsuit against Coinbase Global and CEO Brian Armstrong.

The complainants claim Coinbase purposely and repeatedly violating California and Florida securities laws.

They claim Coinbase admitted it is a “Securities Broker” in its user agreement, making digital asset securities sold by the exchange as investment contracts or other securities.

The plaintiff also took aim at Coinbase prime brokerage as a securities broker/dealer.

They allege digital assets listed on Coinbase are securities and cite Algorand, Decentraland, Polygon, Near Protocol, Uniswap, Solana, Stellar Lumens, and Tezos as securities.

In addition, they assert Coinbase Earn accounts violated securities laws by advertising and promoting for higher yields.

Plaintiffs are seeking full recession, statutory damages under state law, and injunctive relief in a demand for jury trial. The lawsuit is similar to other class actions and the SEC lawsuit

Coinbase Makes the Term of Investment Contract Clearer

Through the filing of an interlocutory appeal on the concept of "investment contract," Coinbase intensified its legal battle with the U.S. SEC.

According to CoinGape, Coinbase's CLO, Paul Grewal, the exchange has a better chance of winning because the SEC's understanding of investment contracts is at odds with decisions made by the Second Circuit and the Supreme Court.

These actions followed Coinbase's significant clarification from the US Court of Appeals for the Second Circuit that secondary sales of cryptocurrency are not securities because they do not involve investment contracts.