Coinbase is facing a lawsuit in New York after a federal judge ruled that it fits the definition of a ‘statutory seller.’ Plaintiffs allege that Coinbase traded 79 cryptocurrencies classified as securities without appropriate registration. The ruling has revived parts of a previously dismissed class-action lawsuit.

In response, Coinbase asserts that it does not sell securities, stating that the ruling has narrowed the scope of discovery. The exchange is keen on defending the claims in court, emphasizing its operational integrity in the cryptocurrency market.