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The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase shares fell around 2% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC's complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. "The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities," Failla wrote. In June, SEC Chair Gary Gensler said that trading platforms like Coinbase "call themselves exchanges" but were "commingling a number of functions."

Persons: Coinbase, Katherine Polk Failla, Failla, Paul Grewal, Grewal, Gary Gensler, Gensler Organizations: The Securities, Exchange Commission, Coinbase, SEC, New York Stock Exchange, CNBC Locations: Manhattan, U.S

☆ Dua Lipa must face lawsuit claiming she copied 'Levitating'
▼ + stars: | 2023-08-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

REUTERS/Maja Smiejkowska/File PhotoNEW YORK, Aug 8 (Reuters) - A federal judge in Manhattan said the British pop star Dua Lipa must face a lawsuit accusing her of copying her 2021 megahit "Levitating" from a 1979 disco song. The lawsuit, filed in March 2022, claimed that "Levitating" shared "compositional elements" with "Wiggle," most significantly by duplicating its opening melody. Defense lawyers argued that it was implausible to believe that Lipa, 27, heard "Wiggle" before writing "Levitating." Failla's opinion does not cover the plaintiffs' claim that "Levitating" copied another song, "Don Diablo," to which they owned a copyright. The case is Larball Publishing Co et al v Lipa et al, U.S. District Court, Southern District of New York, No.

Persons: Dua Lipa, Maja Smiejkowska, Katherine Polk Failla, L, Russell Brown, Sandy Linzer, Failla, Jason Brown, Don Diablo, Lipa, Bosko Kante, Jonathan Stempel, Leslie Adler Organizations: Dua, REUTERS, U.S, Warner Records, Larball, Court, Southern District of, Thomson Locations: London, Britain, Manhattan, British, Lipa, Los Angeles, Florida, U.S, Southern District, Southern District of New York, New York

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

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