United

<ul> 
 <li>The lawyers also made a reference to the recent XRP case decision.</li> 
 <li>Coinbase and Binance were sued by the SEC in June 2023.</li> 
</ul> 
On Friday, <a href="https://thenewscrypto.com/exchange-news-coinbase-beats-q2-earnings-forecast-amid-ongoing-sec-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> submitted a brief to the court hearing the <a href="https://thenewscrypto.com/altcoin-news-u-s-court-greenlights-secs-case-against-terraform-labs-and-do-kwon/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> case against them, asking that the charges be dropped.&nbsp; The exchange contended in its brief that, contrary to decades of Supreme Court precedent, it does not provide investment contracts. 
This comes at a time when lawmakers and authorities in the United States are under growing pressure to clarify the legal framework governing the cryptocurrency industry. 
<h3 class="wp-block-heading" id="h-memorandum-of-law-submitted">Memorandum of Law Submitted</h3> 
In the United States District Court for the Southern District of New York, lawyers for the cryptocurrency exchange submitted a memorandum of law in support of Coinbase’s move for judgment on the pleadings. They said the SEC had disregarded due process by changing its mind on how the securities laws should be interpreted. 
<a href="https://www.linkedin.com/in/paul-grewal-288978b4" target="_blank" rel="noopener noreferrer nofollow">Paul Grewal</a>, chief legal officer of Coinbase stated: 
<blockquote class="wp-block-quote"> 
 “By ignoring that precedent, the SEC has trampled the strict boundaries on its basic authority set by Congress.” 
</blockquote> 
An extraordinary leap, the lawyers said, for the agencies to try to depict a straightforward asset sale as a security. The lawyers also made a reference to the recent XRP case decision. 
In its most recent filing, the exchange argued that the SEC’s Exchange Act allegations should be dismissed because the SEC’s complaint does not allege the necessary components of an investment contract. Coinbase and <a href="http://binance.com" target="_blank" rel="noopener noreferrer nofollow">Binance</a> were sued by the SEC in June 2023 for allegedly breaking securities laws. The exchange posted results that were above Wall Street forecasts for the second quarter earlier on Thursday. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/revolut-suspends-crypto-trading-services-for-u-s-customers/" target="_blank" rel="noopener noreferrer nofollow">Revolut Suspends Crypto Trading Services for U.S Customers</a>

Coinbase Files Brief Seeking Dismissal of SEC Lawsuit

Table of Contents

TheNewsCrypto

Other articles published on Aug 4, 2023

VC Spectra: The New Investment Heaven for DOGE and XRP Traders

Litecoin, Chainlink – Move Over, VC Spectra’s the New Star in Town

Cryptocurrency Market Remains Calm, Altcoins Gain Momentum Amid Bitcoin’s Consolidation

Binance Labs Funds Promising Blockchain Projects from the MVB Program!

Crypto Options Trading: Exploring the Exciting World of Digital Asset Markets

First of its kind: Dash x Maya Protocol Unlocks Multichain Trading

Join our free newsletter for daily crypto updates!