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Major setback for Coinbase as court rules against its motion to dismiss SEC lawsuit. Allegations of unregistered securities activity and staking program deemed unregistered security offering.

New yorkUnited statesKatherine polk faillaPaul grewalExchange and staking activitiesProgram deemed unregistered security offeringUs district courtJustice department accuses crypto exchange kucoinCoinbase incUnregistered securitiesFights backDenies securityMoney launderingExchange and stakingSouthern districtChief legal officer paul grewal