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Coinbase challenges SEC's crypto authority in final attempt to dismiss regulator's lawsuit

Coinbase challenges SEC’s crypto authority in final attempt to dismiss regulator’s lawsuit

Coinbase Challenges SEC’s Classification of Cryptocurrencies as Securities

Summary:

– Coinbase has argued in a court filing that the US Securities and Exchange Commission (SEC) overstepped its authority by classifying cryptocurrencies listed on the exchange as securities.

– The exchange claims that the SEC’s definition of what qualifies as a security is too broad and that the cryptocurrencies listed on Coinbase are not under the regulator’s purview.

– Coinbase argues that the SEC has undertaken a “radical expansion of its own authority” and claims jurisdiction over all investment activity, which only Congress is entitled to do.

– The SEC sued Coinbase in June, alleging that the exchange violated securities laws by listing tokens it considers securities without registering with the regulator.

– The court may ask Coinbase and the SEC to appear for oral arguments and then issue a judgment on the case, dismiss it, or move for it to be heard by a jury.

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