Coinbase has argued that the United States Securities and Exchange Commission (SEC) exceeded its authority by classifying cryptocurrencies listed on the exchange as securities. In a recent filing, Coinbase criticized the SEC’s definition of a security as being too broad and claimed that the cryptocurrencies in question are not under the regulator’s jurisdiction. The exchange accused the SEC of a “radical expansion” of its authority and argued that only Congress has the power to do so. Coinbase’s filing is in response to the SEC’s request to reject Coinbase’s motion to dismiss the lawsuit. The SEC sued Coinbase in June, alleging that the exchange violated securities laws by listing tokens without registering with the regulator. The case is currently overseen by Judge Katherine Polk Failla, who may call for oral arguments before issuing a judgment or deciding to dismiss the case or proceed with a jury trial.
Summary:
– Coinbase argues that the SEC overstepped its authority by classifying listed cryptocurrencies as securities.
– The exchange claims that the SEC’s definition of a security is too broad and that the cryptocurrencies are not under the regulator’s jurisdiction.
– Coinbase accuses the SEC of a “radical expansion” of its authority, which only Congress can do.
– The filing is in response to the SEC’s request to reject Coinbase’s motion to dismiss the lawsuit.
– The SEC sued Coinbase in June for allegedly violating securities laws by listing tokens without registering with the regulator.
– Judge Katherine Polk Failla may call for oral arguments before issuing a judgment or deciding to dismiss the case or proceed with a jury trial.