Coinbase, a leading US-based cryptocurrency exchange, is seeking to have the lawsuit filed against it by the US Securities and Exchange Commission (SEC) dismissed. The SEC alleges that Coinbase sold unregistered securities by classifying certain cryptocurrencies, including Cardano, Solana, and Polygon, as securities. Coinbase has argued in a filing with the Southern District of New York that the SEC lacks jurisdiction and that its transactions do not qualify as securities. The exchange contends that its transactions are asset sales rather than investment contracts, as they do not involve ongoing business enterprises with enforceable obligations to investors. Coinbase also claims that SEC Chair Gary Gensler is exceeding his authority by requiring crypto companies to register as securities exchanges and imposing retroactive penalties for non-compliance. The SEC has filed a similar lawsuit against Binance, the world’s largest crypto exchange platform by volume.
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