Cryptocurrency is just another version of Beanie Babies, a Coinbase lawyer said in court to argue against classifying the currency as securities. The attorney said crypto is more like collectibles than actual stakes in a company.
“It’s the difference between buying Beanie Babies Inc. and buying Beanie Babies,” said Coinbase attorney William Savitt, according to Bloomberg.
Savitt compared cryptocurrency to the collectible plushies in a New York federal court when arguing for the dismissal of the lawsuit brought on by the Securities and Exchange Commission in June 2023.
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