In a most curious turn of events, the esteemed lawyers representing the illustrious cryptocurrency exchange, Coinbase, have taken it upon themselves to beseech a federal judge to dismiss a rather audacious lawsuit brought forth by BiT Global. This legal entanglement arises from Coinbase’s rather bold decision to delist the wrapped Bitcoin, affectionately known as wBTC. One might wonder, what could possibly be the cause of such a ruckus? 🤔
In a filing dated January 21, within the hallowed halls of the US District Court for the Northern District of California, Coinbase has implored the court to cast aside the BiT Global complaint. Their reasoning? The firm’s rather dubious association with none other than the notorious Tron founder, Justin Sun. The legal representatives of Coinbase have expressed their grave concerns that the control of wBTC might, heaven forbid, fall into the hands of Mr. Sun. Oh, the horror! 😱
“The Court should dismiss BiT’s complaint in full,” declared Coinbase with all the fervor of a Regency heroine defending her honor. “And it should do so with prejudice, as the most fundamental of these pleading failures — including Coinbase’s lack of market power given BiT’s conceded dominance, the lack of any exclusionary conduct, the absence of any false statement, and BiT’s repeated inability to demonstrate injury — cannot possibly be cured.” One can almost hear the dramatic music playing in the background! 🎶
In a rather theatrical announcement made in November 2024, Coinbase proclaimed that it would suspend trading of wBTC starting on December 19. Naturally, BiT Global, in a fit of indignation, responded with a lawsuit filed on December 13, claiming that Coinbase had inflicted harm upon the wBTC market by daring to delist the token. A judge, in a moment of wisdom, declined to issue a restraining order to prevent the exchange from proceeding with its plans. How very sensible! 🧐
Meanwhile, the custodian of wBTC’s Bitcoin reserves, BitGo, announced in August 2024 that it would graciously share control of the crypto with BiT Global in a partnership with the ever-controversial Sun. Coinbase, ever vigilant, raised concerns in several court filings regarding the complaints lodged by US authorities against the Tron founder. One can only imagine the tea being spilled in the courtrooms! ☕️
According to the filing dated January 21, the court shall deliberate upon the motion to dismiss during a hearing scheduled for April 3. CryptoMoon, in its quest for the truth, reached out to BiT Global for a comment but, alas, had not received a response at the time of publication. How very mysterious! 🕵️♂️
As if this were not enough, Coinbase finds itself embroiled in a lawsuit from the US Securities and Exchange Commission, filed in 2023, which has been temporarily stayed pending an appeal to the Second Circuit. The exchange, in a valiant effort, has also been pursuing the SEC in court to establish clear rules for crypto firms operating in the US. Truly, the drama unfolds like a well-penned novel! 📚
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2025-01-23 00:29