Bitcoin

<ul><li>Coinbase files a motion to dismiss the SEC&#39;s lawsuit, claiming the regulatory body has overstepped its authority.</li><li>The exchange argues that certain digital assets, including SOL, ADA, SAND, and VGX, do not qualify as securities under the Howey test.</li><li>The SEC is expected to respond to Coinbase&#39;s filing within 60 days, and the case has broader implications for the crypto industry.</li></ul>Coinbase, the United States&#39; largest digital asset exchange, has formally <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.83.0.pdf" rel="noopener noreferrer nofollow">filed a motion</a> to dismiss the Securities and Exchange Commission&#39;s (SEC) lawsuit against it. The motion was filed with the United States District Court for the Southern District of New York.The SEC initially filed the <a href="https://www.sec.gov/news/press-release/2023-102" rel="noopener noreferrer nofollow">lawsuit</a> on June 6, accusing Coinbase of operating as an unregistered securities exchange, broker, and clearing agency. The lawsuit also alleged that Coinbase failed to register the offer and sale of its digital asset staking-as-a-service program.In its motion against the SEC, Coinbase argued that the regulators had overstepped its regulatory boundaries. The exchange&#39;s motion, known as a &#39;Judgment on the Pleading,&#39; contended that the SEC&#39;s claims fall outside its delegated authority. Coinbase&#39;s Chief Legal Officer Paul Singh Grewal had previously <a href="https://cryptotale.org/coinbase-clo-paul-grewal-sheds-light-on-bases-future-prioritizes-regulatory-clarity/" rel="noopener noreferrer nofollow">expressed</a> the hope that the lawsuit would force U.S. regulators to establish clear and understandable guidelines for the crypto industry.Read full article at<a href="https://cryptotale.org/coinbase-takes-legal-stand-against-sec-files-motion-for-dismissal/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Coinbase Takes Legal Stand Against SEC, Files Motion for Dismissal

CryptoTale

Other articles published on Oct 25, 2023

Game studio Neon Machine secures $20m in funding round led by Polychain

FTX Gears Up for Relaunch: Three Contenders Emerge for Mid-December Decision

Coinbase vs. SEC: A Legal Showdown Escalates as Coinbase Accuses the SEC of Overreach!

Cryptocurrency Withdrawals Stopped at Binance: First Statement Made

FTX assessing offers from three bidders in bid to revive operations

Genesis amended bankruptcy plan takes center stage

Join our free newsletter for daily crypto updates!