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Coinbase

Coinbase Vs SEC: Regulator Refuses To Back Down, Urges Judge To Reject Dismissal Motion

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Coinbase
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a Reuters report, the US Securities and Exchange Commission (SEC) has urged a federal judge to reject Coinbase’s motion to dismiss the regulator’s lawsuit against the prominent cryptocurrency exchange. 

The SEC’s action disputes Coinbase’s reliance on a recent court ruling involving Ripple Labs, emphasizing a subsequent ruling in the Terraform Labs case that differs in reasoning.

Coinbase Role As Exchange Under Scrutiny

The SEC’s filing on Tuesday highlights the agency’s intent to leverage the Terraform Labs ruling to raise questions about the court’s decision in the Ripple case, a victory widely celebrated by the crypto industry.

Related Reading: Ripple Clear To Provide Services In This Country, More Details Here

In June, the SEC initially sued Coinbase, alleging that the exchange operated unlawfully as a national securities exchange, broker, and clearing agency without proper registration. 

In response, Coinbase sought the dismissal of the case in August, contending that the SEC lacked jurisdiction in pursuing the lawsuit since the digital assets and services in question did not meet the criteria for securities.

In its filing, the SEC stated that apart from the Wallet application, Coinbase did not dispute its role as an exchange, broker, and clearing agency. 

The agency argues that the crypto exchange facilitated transactions involving investment “contracts and securities,” asserting that each crypto asset issuer enticed investors, including purchasers on Coinbase’s platform, with the reasonable expectation of increasing the value of their investment based on the issuer’s widely disseminated plan to develop and maintain the asset’s value. 

The SEC also claimed that the firm has been aware that its selling cryptocurrencies may qualify as securities under the Howey test, as evident from its filings with the SEC.

Coinbase’s CLO Counters Regulatory Reach With Pokemon Card Comparison

Coinbase’s Chief Legal Officer, Paul Grewal, responded to the SEC’s filing via ‘X’ (formerly Twitter), dismissing it as “more of the same old same old.” 

Grewal further asserted that the SEC’s arguments imply that other items, such as Pokemon cards, stamps, and Swiftie bracelets, could be deemed securities. Coinbase’s CLO claimed:

The SEC’s arguments today would mean that everything from Pokemon cards to stamps to Swiftie bracelets are also securities.

Grewal maintained that the assets listed on Coinbase’s platform are not securities and fall outside the SEC’s jurisdiction. 

Furthermore, Grewal emphasized that recent court decisions have clarified this distinction and criticized the SEC’s enforcement-focused regulatory approach, which he believes disregards the opinions of the expansive 52-million-strong crypto community in the United States that seeks clear rules and regulations for this innovative technology.

Related Reading: Is Bitcoin The Future Global Currency? EDX Markets CEO Makes A Mind-Blowing Insight

As the case unfolds, the outcome will likely have far-reaching implications for the industry, influencing how digital asset platforms operate and comply with securities laws.

Coinbase
Coinbase’s stocks COIN are experiencing an extended downtrend on the daily chart. Source: COIN on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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