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Coinbase Files Amicus Brief to Safeguard Prime Trust Customers During Bankruptcy Case

Bitnewshq Staff by Bitnewshq Staff
February 7, 2025
in Market News
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Coinbase Files Amicus
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One of the cryptocurrency’s biggest exchanges, Coinbase, decided to help protect customers who have stored money with Prime Trust, a crypto custodian facing bankruptcy. The financial troubles prompted Prime Trust to recently file for Chapter 11 bankruptcy protection. In such circumstances, Coinbase filed an amicus brief supporting the customers’ right to their funds.

What Coinbase is arguing is that the customers’ assets that Prime Trust is in possession of should not be considered part of the bankruptcy estate of the company. The customers still own these funds, as per both the Coinbase and Prime Trust user agreements, according to Coinbase. The law said that the Uniform Commercial Code (UCC) Article 8 should have been enforced by the court to protect the customer assets held by custodians such as Prime Trust.

However, this legal fight is important to not only the crypto world but to traditional finance as well, because the UCC Article 8 is used widely to protect customers’ monies in many industries. While the case is larger than crypto, Coinbase Chief Legal Officer Paul Grewal said that the law should protect customer assets in any financial sector, digital or traditional.

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This is bigger than crypto. UCC Article 8 is a pillar of commercial law that protects customer assets– held by custodians big and small, in digital or traditional finance (including BNY and DTC)– from unfairly getting swallowed up in bankruptcy. Courts have always upheld the law…

— paulgrewal.eth (@iampaulgrewal) February 5, 2025

Coinbase’s involvement in this bankruptcy case indicates that they will protect user funds and set a strong legal precedent for the future cases in both the crypto and traditional finance worlds without a doubt.

Also read: Disgraced Lawyer Loses Appeal in $400M OneCoin Crypto Scam Conviction

Bitnewshq Staff

Bitnewshq Staff

At BitNewsHQ, we’re a team of passionate writers and crypto enthusiasts who live and breathe blockchain and digital assets. Our goal is to bring you accurate, up-to-date news and insights without any bias—just the facts. This article was crafted with care by our dedicated team to keep you informed and ahead in the world of crypto.

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