Coinbase reasons that the wallet can only be used to interface with secondary market transactions, and from Coinbase’s perspective, these secondary market transactions do not involve investment contracts, and therefore, they are not securities. Coinbase further argued that its prior receipt of a 1% fee each time the “Wallet Swap” function was used, which it no longer collects, does not change the analysis.

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Author: Ethan G. Ostroff, Michael S. Lowe, Samuel F. Rogers, Brett E. Broczkowski

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