Did Coinbase lose a class action lawsuit?

Coinbase lost an initial ruling against the putative class action lawsuit, when the U.S. District Court for the Northern District of California denied its motion to compel arbitration. Coinbase lost an appeal of that ruling as well. The lawsuit was originally set to proceed on some of the case's merits.

Why is Coinbase suing the SEC?

Update June 6th, 10:38AM ET: Added response from Coinbase and additional comments from Gensler. Coinbase is facing a lawsuit from the SEC that accuses the cryptocurrency platform of breaking the agency’s rules by selling unregistered securities and operating as an unregistered broker.

Did Coinbase violate securities law?

The lawsuit (1:23-cv-04738) filed Tuesday in the Southern District of New York accuses Coinbase and its parent company, CGI, of breaking securities law by acting as an unregistered broker for its main crypto trading platform, its Coinbase Prime product, and the Coinbase Wallet.