Coinbase Files Motion To Dismiss The SEC Case
In a significant development in the ongoing legal battle between Coinbase and the U.S. Securities and Exchange Commission (SEC), the American cryptocurrency...
- Coinbase has filed a motion to dismiss the SEC's complaint in the ongoing legal battle between the two.
- The exchange argues that the cryptocurrencies listed on its platform do not fall under the SEC's jurisdiction and should not be classified as securities.
- Coinbase claims that the tokens traded on its secondary market platform do not qualify as investment contracts and that the value lies in the assets themselves, not the underlying companies.
- The motion also highlights Coinbase's repeated calls for regulation and notes that Congress has begun exploring crypto regulation.
- Coinbase asserts that even if the SEC has regulatory authority, the case should be dismissed due to violations of due process rights and alleged abuse of process.
The sentiment of the article is mostly neutral, with Coinbase presenting its arguments to dismiss the SEC's complaint and asserting its position on the jurisdiction and classification of cryptocurrencies.