Legal professionals for US-based cryptocurrency change Coinbase have requested a federal choose dismiss a lawsuit filed by BiT International over the agency’s choice to delist wrapped BTC (wBTC).
In a Jan. 21 submitting within the US District Courtroom for the Northern District of California, Coinbase requested the courtroom to dismiss the BiT International grievance, citing the agency’s affiliation with Tron founder Justin Solar. The change’s authorized workforce mentioned its choice to delist wrapped Bitcoin was “because of the unacceptable threat that management of wBTC would fall into the palms of Mr. Solar.”
“The Courtroom ought to dismiss BiT’s grievance in full,” mentioned Coinbase. “And it ought to achieve this with prejudice, as probably the most basic of those pleading failures — together with Coinbase’s lack of market energy given BiT’s conceded dominance, the shortage of any exclusionary conduct, the absence of any false assertion, and BiT’s repeated incapability to exhibit harm — can not probably be cured.”
Coinbase movement to dismiss filed on Jan. 21. Supply: PACER
Coinbase introduced in November 2024 that it could droop wBTC buying and selling beginning on Dec. 19. BiT International responded with a lawsuit filed on Dec. 13, claiming Coinbase had harmed the wBTC market by selecting to delist the token. A choose declined to issue a restraining order barring the change from delisting wBTC.
The custodian holding wBTC’s Bitcoin reserves, BitGo, introduced in August 2024 that it could share management of the crypto with BiT International in a partnership with Solar. Coinbase raised issues in a number of courtroom filings about complaints filed by US authorities in opposition to the Tron founder.
Associated: Coinbase fixes Solana transaction backlog after 48-hour delay
Based on the Jan. 21 submitting, the courtroom will take into account the movement to dismiss in an April 3 listening to. Cointelegraph reached out to BiT International for remark however had not acquired a response on the time of publication.
Coinbase faces a lawsuit from the US Securities and Change Fee filed in 2023, which has been stayed pending an appeal to the Second Circuit. The change has additionally been pursuing the SEC in court to ascertain clear guidelines of the highway for crypto companies working within the US.
Journal: How crypto laws are changing across the world in 2025
