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Coinbase Advocates for Customer Asset Protection in Prime Trust Bankruptcy Case

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CoinGape
665Words
Feb 5, 2025

Coinbase has filed an amicus brief in the Prime Trust bankruptcy case, advocating for the enforcement of UCC Article 8 to protect customer assets. The company argues that assets held by custodians should remain customer property, as stated in user agreements. This legal action aims to prevent customer funds from being included in Prime Trust's bankruptcy estate, maintaining trust in custodians. Coinbase's Chief Legal Officer, Paul Grewal, emphasized the importance of these protections for both digital and traditional finance. The filing is part of Coinbase's broader efforts to ensure market stability and customer security, aligning with its global strategy to expand regulatory compliance and digital asset adoption.

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