1 year ago
Coinbase filed for judgement successful its ongoing lawsuit against the U.S. Securities and Exchange Commission, alleging the regulator is stepping good extracurricular its jurisdiction successful suing the crypto exchange.
The SEC sued Coinbase successful June, alleging the speech violated national securities laws by operating arsenic an unregistered broker, speech and clearing bureau for cryptocurrencies that were securities, naming 13 tokens arsenic examples of coins it believed met those requirements. Coinbase pushed backmost successful its filing connected Friday, saying the SEC is not claiming determination are concern contracts progressive successful immoderate of these examples.
"The transactions implicit Coinbase’s level and Prime are not, and bash not involve, contractual undertakings to present aboriginal worth reflecting the income, profits, oregon assets of a business. They are commodity sales, with the obligations connected some sides discharged wholly the infinitesimal the integer token is delivered successful speech for payment," the filing said.
The filing pointed to the caller ruling successful the SEC's lawsuit against Ripple, saying the underlying facts were "substantially identical to those alleged here."
Coinbase besides pointed again to the Major Questions Doctrine, which it raised successful a erstwhile filing, saying the suit would vastly grow the regulator's jurisdiction to see the cryptocurrency industry.
Coinbase attached 10 antithetic exhibits to its motion, including transcripts from a proceeding successful the SEC's lawsuit against LBRY and orders from erstwhile cases involving Howey Test questions.
The SEC has until Oct. 3, 2023 to record a response, and immoderate amicus briefs supporting Coinbase tin beryllium filed until Aug. 11, 2023.
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