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An Idaho man defrauded investors in a multimillion-dollar Ponzi-like scheme involving a fake name, a rapper called BigRigBaby and a cannabis cultivation business that didn’t actually exist.
Coinbase has filed a motion to dismiss a Securities and Exchange Commission lawsuit. It argues that cryptocurrencies that are sold on its platform are more like commodities like baseball cards than securities, and that the SEC doesn't have any authority over its operations.
America’s largest crypto exchange said Friday that the SEC had no authority to pursue its lawsuit.
Christopher Anderson, of Readington, is one of six people charged with fraud in a civil action filed by the SEC in federal court in July.
Washington is making progress on a framework to regulate cryptocurrencies while the courts debate how the industry should be overseen.