The Crypto Firm’s Motion to Dismiss SEC Case
- Coinbase has filed a motion to dismiss the legal case brought against it by the SEC.
- The company claims that the SEC has no jurisdiction over its offerings.
- Coinbase argues that the digital assets listed on its platform are not considered securities.
- The SEC alleges that several cryptocurrencies offered on Coinbase are unregistered securities.
Cryptocurrencies Not Investment Contracts
- Coinbase states that the cryptocurrencies it offers do not qualify as investment contracts.
- These cryptos are not assets tied to a contract that can be sold for profit.
- Coinbase argues that the profit or loss from crypto transactions depends solely on the assets, not the company.
- The company cites the Supreme Court ruling of the Howey case to support its position.
Claims of Abuse of Process
- Coinbase accuses SEC Chair Gary Gensler of fluctuating stance on jurisdiction.
- The company highlights its repeated requests for clarity on regulation and voluntary compliance with rules.
- Coinbase argues that the case violates its rights to due process and alleges abuse of process.
Hot Take: Coinbase’s motion to dismiss the SEC case highlights the ongoing legal battle between the crypto firm and the regulatory body. The company asserts that the SEC lacks jurisdiction over its offerings and that the listed digital assets are not securities. Coinbase’s rebuttal challenges the SEC’s claim and argues that the cryptocurrencies do not qualify as investment contracts. The motion also accuses SEC Chair Gary Gensler of inconsistent jurisdictional stance and claims abuse of process. The outcome of this case will have significant implications for the regulation of cryptocurrencies in the United States.
