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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/coinbase-vs-sec-sec-opposes-coinbases-effort-to-settle-lawsuit-calling-for-continuation/">Coinbase vs. SEC: SEC Opposes Coinbase’s Effort to Settle Lawsuit, Calling for Continuation</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
On Tuesday, the SEC <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.69.0.pdf" rel="noopener noreferrer nofollow">presented </a>its case against Coinbase’s pre-trial plea, emphasizing correctly applying the U.S. Howey Test. 
The core disagreement centers on whether Coinbase’s narrower interpretation or the SEC’s broader and flexible interpretation of the Howey Test should prevail in defining securities subject to SEC regulation. 
The SEC’s lawsuit against Coinbase is not solely based on the Howey Test but also on the exchange’s failure to register. In its recent filing, the SEC argued that even if Coinbase falls outside the Howey Test’s application scope, it still operates as an unregistered broker through its “Wallet” application. This application routes customer orders to third-party crypto asset trading platforms, allowing access to liquidity outside the Coinbase platform. 
While Coinbase disputes the SEC’s claims regarding the crypto assets’ security status, the SEC maintains that its arguments are sufficient to ensure a fair trial, thereby requesting the Court to dismiss Coinbase’s pre-trial ruling request in its entirety. 
The SEC also addressed Coinbase’s argument that the agency’s permission for Coinbase to go public did not imply compliance with securities regulations. The SEC rejected this notion, asserting that it has been clear from the outset that a cryptocurrency asset traded on Coinbase’s platform qualifies as a security if it satisfies the Howey test—an established legal standard for defining investment contracts. 
Coinbase’s Chief Legal Officer, Paul Grewal, has expressed that the lawsuit is not a surprise but underscores a broader issue of regulatory clarity in the crypto industry. The exchange asserts that the SEC has not provided clear guidelines and has exhibited a degree of arbitrariness in its regulatory actions, thereby creating a challenging environment for crypto platforms to navigate and comply with.

Coinbase vs. SEC: SEC Opposes Coinbase’s Effort to Settle Lawsuit, Calling for Continuation

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