Richard

United

Arkham

<div class="cryptonews"> 
 <p class="is-style-lead">Coinbase has requested a federal <a rel="noopener noreferrer nofollow" title="judge" href="https://thebittimes.com/tag/judge.html">judge</a> in New York to <a rel="noopener noreferrer nofollow" title="dismiss" href="https://thebittimes.com/tag/dismiss.html">dismiss</a> the Securities and Exchange Commission’s (SEC) <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> against it.</p> 
 <p>The regulator&nbsp;sued&nbsp;Coinbase in June 2023, alleging that the crypto exchange had broken securities laws by functioning as an unregistered exchange, broker, and clearing agency.</p> 
 <p>Moreover, it stated that Coinbase had been selling unregistered securities through its staking-as-a-service program, which incentivizes platform users with crypto rewards for participating in its proof-of-stake (PoS) process.</p> 
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 <p>However, on Aug. 4, Coinbase requested to <a rel="noopener noreferrer nofollow" title="dismiss" href="https://thebittimes.com/tag/dismiss.html">dismiss</a> the SEC’s charges against it. In its motion, the exchange said that it doesn’t trade securities. As a result, the company believed the SEC lacked jurisdiction over its operations, thus making the accusations against it immaterial.</p> 
 <p>Coinbase’s chief legal officer, Paul Grewal, also accused the SEC of infringing upon due process and overlooking its prior interpretations of the securities laws.</p> 
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    <p lang="en" dir="ltr">Today, @coinbase filed our brief asking the Court to <a rel="noopener noreferrer nofollow" title="dismiss" href="https://thebittimes.com/tag/dismiss.html">dismiss</a> the SEC’s case against us. Our core argument is simple — we do not offer "investment contracts" as that term has been construed by decades of Supreme Court and other binding precedent. 1/3 https://t.co/r2EkDgkEuc</p>— paulgrewal.eth (@iampaulgrewal) August 4, 2023 
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 <p>Furthermore, the filing referred to a separate SEC case in which U.S. District Judge Analisa Torres&nbsp;ruled&nbsp;that Ripple Labs’ XRP token was not considered a security when sold on exchanges.</p> 
 <p>Interestingly, this argument may not bolster Coinbase’s defense as another judge recently&nbsp;disputed&nbsp;the Ripple ruling, allowing the SEC to move forward with a case against Terraform Labs and its CEO, Do Kwon, who is&nbsp;accused&nbsp;of masterminding a multi-billion dollar securities fraud.&nbsp;</p> 
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 <p>However, a recent Bloomberg&nbsp;report&nbsp;noted that neither the Ripple nor the Terraform suit sets a controlling precedent in the Coinbase case.&nbsp;</p> 
 <p>Nonetheless, the arguments put forward by Coinbase have not deterred the SEC from pursuing similar actions against other prominent crypto brands, including Kraken, Binance, its U.S. subsidiary, and Genesis.</p> 
 <p>The agency has also directed its attention towards crypto influencer Richard Heart and Tron founder Justin Sun, alleging their involvement in selling unregistered securities.</p> 
 <p>Like Coinbase, Binance recently sought to dismiss one of the many lawsuits against it, accusing the SEC’s sister agency, the United States Commodity Futures Trading Commission (CFTC), of overreach.&nbsp;</p> 
 <p>However, despite the ongoing legal proceedings, the SEC’s complaint against Binance remains undeterred.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC 
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Coinbase wants judge to dismiss SEC lawsuit

TheBitTimes

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