Thread by @walamaking

In this thread I'll do a quick skim of the lawsuit to see which also applies to $COIN.
@AlderLaneEggs @Cryptadamist @ParrotCapital @LogicalThesis @NotChaseColeman @wormsrmydollarz @tspencer322 @Nostre_damus @HarrieScarlet @JohnReedStark @thebankerislaw @Marc_Fagel

1) Not registered with the @SECGov as an ATS. Compare this to @PrometheumInc.

2) Unlawful trading and sales of crypto asset securities. 'nuff said.

3) Controls - I'm sure there's gotta be something here that applies to $COIN. E.g., insider trading of coins before listing on Coinbase, like the recent lawsuit with Ishan Wahi. @Cryptadamist @ParrotCapital would have any relevant details.

4) Plans to evade US oversight - $COIN's registration in Bermuda, talks about moving to UAE, yada yada.

5) False and misleading statements to investors. Hm, how about a) $COIN has repeatedly expressed that the approval of their S-1 is tantamount to their approval as an exchange, and b) Dumping shares post-IPO without revealing pertinent info to the public? bloomberg.com/news/articles/…

6) This looks like $USDC could be at risk too, in which case both revenue engines of $COIN are #ngmi.

The fact that they're going after $BUSD (and the arguments therein) is the most surprising to me. It suggests that the chance they'll label $USDC as a security is far from 0.

Last but not least, the link to the filing:
sec.gov/files/litigati…