Coinbase Engages in Legal Battle with BiT Global Over wBTC

user avatar

by Giorgi Kostiuk

2 years ago

Coinbase has filed a legal response to BiT Global's lawsuit regarding the desire to keep the tokenized Bitcoin, wBTC, on its platform.

Coinbase's Position

Coinbase's Chief Legal Officer, Paul Grewal, confirmed in a post that the company has filed a response to the lawsuit to prevent the delisting of wBTC. Grewal claims that BiT Global's demands are unfounded and that the request for a temporary restraining order should be denied.

We’ve filed our response to BiT Global’s effort to stop our delisting of wBTC before any discovery or even formal response to their bogus claims. We explain why this lawsuit lacks merit and why their request for a TRO should be denied.Paul Grewal

BiT Global's Arguments

BiT Global argues that Coinbase is promoting a competing tokenized Bitcoin product, cbBTC, and using defamatory remarks to instil doubts about wBTC's regulatory stance and stability. Coinbase maintains that their reaction is out of a concern for users, noting that Mr. Sun has regulatory issues and market manipulation accusations.

Legal Violations Accusations

Coinbase argues that BiT Global demands they conduct business with an entity non-compliant with their standards. BiT Global accuses Coinbase of breaching several federal and state laws in their attempt to delist wBTC, including the Sherman Act and the Lanham Act on unfair monopolies.

The situation between Coinbase and BiT Global involves multiple allegations and counterclaims. It remains to be seen if the delisting conditions entail any legal breaches.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

JP Morgan Asset Management Launches Tokenized Money Market Funds on Solana

JP Morgan Asset Management has launched two tokenized money market funds, MONY and JLTXX, on the Solana blockchain for qualified US investors.

user avatarZainab Kamara

Bitwise Dogecoin ETF Reaches Liquidation Distribution Date

The Bitwise Dogecoin ETF has reached its announced liquidation distribution date on October 22, with remaining shareholders set to receive cash based on the fund's net asset value.

user avatarSon Min-ho

Solayer Pay Launches Direct Stablecoin Deposits for Enhanced User Experience

Solayer Pay has launched a feature allowing direct stablecoin deposits from five major blockchain networks, simplifying the funding process for users.

user avatarAyman Ben Youssef

CMCC Global Introduces Tokenized Fund Strategies

CMCC Global is introducing two fund strategies as tokenized securities through Tether's Hadron infrastructure and Bitfinex Securities under El Salvador's regulations.

user avatarTando Nkube

Senator Blumenthal Investigates Tether's Payments to Consultancy

Senator Blumenthal investigates Tether's payments to consultancy Nxum over potential ethics concerns.

user avatarKofi Adjeman

Blockchain Association Pushes for Crypto Tax Legislation

The Blockchain Association advocates for bipartisan changes to cryptocurrency tax regulations, seeking a de minimis exemption for small transactions and clarity in tax reporting for digital asset users.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.