JUST

Bitcoin

April

<div class="watcher-guru"> 
 <p>The Securities and Exchange Commission’s extensive crackdown on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies has been a highlight, and Coinbase has not been spared from its impact. On June 6, the SEC filed a lawsuit against Coinbase, accusing the company of selling unregistered <a rel="noopener noreferrer nofollow" title="sec" href="https://thebittimes.com/tag/sec.html">sec</a>urities and operating as an unregistered <a rel="noopener noreferrer nofollow" title="sec" href="https://thebittimes.com/tag/sec.html">sec</a>urities exchange. However now, Coinbase is taking action to challenge and dismiss this lawsuit.</p> 
 <p>During a recent earnings call for the second quarter of 2023, Coinbase’s Chief Legal Officer, Paul Grewal, mentioned that the exchange plans to submit a motion seeking the court’s dismissal of the lawsuit. The company has consistently criticized and refuted the accusations made by the SEC in the past. He added, </p> 
 <p><strong>“Tomorrow [Aug. 4] We will be moving the court for an order dismissing the case in its entirety.”</strong></p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <p>According to reports, the exchange intends to challenge its ‘<a rel="noopener noreferrer nofollow" title="sec" href="https://thebittimes.com/tag/sec.html">sec</a>urities listing’ allegations. As part of its defense, Coinbase will argue that the SEC lacks regulatory authority over <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchanges and never communicated any obligation to register when approving Coinbase’s registration statement back in April 2021. Further highlighting the significance of Aug. 4, Grewal tweeted, </p> 
 <figure class="wp-block-image size-large is-resized"> 
  <img decoding="async" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="" class="wp-image-105240 ewww_webp" width="700" height="207" sizes="(max-width: 700px) 100vw, 700px" data-src-img="https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp.webp 1184w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 1160w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 1184w" data-eio="j"> 
  <noscript> 
   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp" alt="" class="wp-image-105240" width="700" height="207" srcset="https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 1160w, https://cdn.thebittimes.com/images/2023/08/04/dc2f5a4ae473556fc6f50932904a98be.webp 1184w" sizes="(max-width: 700px) 100vw, 700px"> 
  </noscript> 
 </figure> 
 <p><strong>Also Read: FTX Evades SEC Lawsuit While Binance and Coinbase Face Regulatory Heat</strong></p> 
 <h4 class="wp-block-heading" id="h-coinbase-remains-optimistic">Coinbase remains optimistic</h4> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>Grewal also shared that the exchange is optimistic about its chances of prevailing in the case. He expressed confidence by stating, <strong>“With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win.</strong>“</p> 
 <p>Additionally, the exchange believed that this legal process could lead to enhanced clarity throughout the industry. While Coinbase’s primary focus is on litigation, Grewal pointed out that it could also serve as a means to emphasize the significance of engaging with the SEC and the U.S. government in pursuit of regulatory clarity. He said, </p> 
 <p><strong>“Regardless of any particular outcome on any motion or any court case, clarity itself is the goal. That’s how we define winning.”</strong></p> 
 <p>It is worth mentioning that the SEC specifically advised Coinbase to suspend trading in all assets except for Bitcoin.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">JUST IN: 🇺🇸 SEC asked Coinbase to halt all <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency trading except #Bitcoin prior to suing them.</p>— Watcher.Guru (@WatcherGuru) July 31, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Furthermore, the SEC’s legal action had a noticeable impact on the cryptocurrency exchange. Coinbase’s fees generated from customers trading crypto on their platform declined by 13% compared to the previous quarter and by 50% compared to the same period last year, resulting in $327 million in sales, the lowest recorded since the end of 2022. This resulted in a net loss of $97 million, slightly higher than the net loss experienced in Q1 2023.</p> 
 <p><strong>Also Read: All Crypto Assets Except Bitcoin Are Securities: SEC to Coinbase</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>COINBASE</li> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>sec</li> 
 </ul> 
</div>

Coinbase to File a Motion To Dismiss SEC Lawsuit on 4th August

TheBitTimes

Other articles published on Aug 4, 2023

Is UNIBOT a Rocket in the Bear Market? Top On-Chain Analyst Revelas Promising Data

NWSA Stock Price Prediction: Will NWSA Stock Sustain And Rise?

Uniswap (UNI) Sandwich Bots Generate up to 80% of Its Trading Volume

QS Stock Price Tumble 33%; Will Quantumscape stock hit new lows?

Coinweb, Sekuya, and Creo Engine Collaborate to Host National Mobile Legends Esports Tournament c...

Gas Usage Face Massive Dip on NFT Marketplaces, What Does This Mean?

Join our free newsletter for daily crypto updates!