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HomeLatest NewsCoinbase Requests Dismissal of SEC Lawsuit Against It

Coinbase Requests Dismissal of SEC Lawsuit Against It

Date: July 12, 2024 Time: 22:20:58

The Coinbase cryptocurrency platform asked a judge this Friday to dismiss the lawsuit against it from the Securities and Exchange Commission (SEC), since it maintains that it does not trade in securities, which would invalidate the arguments of the commission. In June, the SEC demanded a Coinbase for operating as an unregistered stock exchange and stockbroker.

He also accused the company of selling unregistered securities through its staking-as-a-service program, which rewards users with cryptocurrency. However, Coinbase rejects the SEC’s arguments, arguing that the case “falls outside the agency’s delegated authority.”

The company’s legal director, Paul Grewal, wrote on social media today: “Our central argument is simple: we do not offer ‘investment contracts’ as that term has been interpreted for decades in the Supreme Court.” “By ignoring that precedent, the SEC violated due process, abused its discretion, and abandoned its own prior interpretations of securities laws. By ignoring that precedent, the SEC has trampled the strict limits of its basic authority established by Congress.” Grewal added.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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