Why Coinbase Thinks the SEC Lawsuit Should Be Dismissed - Decrypt
The crypto exchange argued that the case falls outside the regulator's purview, as tokens are not investment contracts....
- Coinbase has filed a motion to dismiss the SEC's case against it for violating securities laws and operating as an unregistered entity.
- Coinbase argues that the SEC does not have statutory authority over the exchange and that its position is "untenable as a matter of law."
- The exchange claims that the tokens mentioned in the SEC's complaint are not "investment contracts" and therefore should not be considered securities.
- Coinbase also mentions the SEC's previous actions and statements that contradict its current lawsuit, using the Equitable estoppel defense doctrine.
- The exchange argues that the SEC's change in stance towards regulating cryptocurrencies should bar it from seeking legal remedies.
The sentiment of the article is mostly negative towards the SEC's case against Coinbase. Coinbase is portrayed as defending its position and arguing against the SEC's authority.