According to legal documents submitted in California, a collective of crypto investors alleges financial losses from their investments in various crypto assets. The members of the class action maintain that their “suffered investment losses” stem directly from Coinbase’s conduct.

“Coinbase itself marketed and sold the digital asset securities to plaintiffs and the class as ‘investments,’” the court filing declares.

The lawsuit states that every state across the nation regulates the sale of securities and broker-dealers. “Coinbase has failed to register those persons offering and selling the Coinbase digital asset securities as associated persons of a broker-dealer and has failed to register as a broker-dealer with the SEC, Florida, California, or any other state,” the lawsuit adds.

The legal document asserts that the plaintiffs’ attorneys have utilized the Howey Test on various digital assets, such as algorand (ALGO), decentraland (MANA), polygon (MATIC), near protocol (NEAR), uniswap (UNI), and solana (SOL). For example, the allegations by the plaintiffs suggest that investors in UNI “expected to earn profits through the appreciation in value of their UNI tokens.”

Yet, the lawsuit interestingly omits any reference to UNI’s role as a governance token. The plaintiffs are seeking a favorable ruling from the court to nullify their purchase or sale contracts with Coinbase and to reclaim losses, including the fees incurred under those agreements. The class action comes amidst the firm’s ongoing court battle with the U.S. Securities and Exchange Commission (SEC).

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