‘The SEC can pursue its claims only if the tokens and staking services it has identified are ‘securities,”’ Coinbase says. ‘They are not’
Coinbase, the largest U.S. cryptocurrency platform, said it will ask a judge to dismiss the U.S. Securities and Exchange Commission lawsuit claiming it broke the law by failing to register its business.
“The SEC can pursue its claims only if the tokens and staking services it has identified are ‘securities,’” Coinbase said. “They are not.”The SEC sued Coinbase on June 6, saying it made billions of dollars acting as a middleman including by trading at least 13 crypto assets, or tokens, such as Solana, Cardano and Polygon that should have been registered as securities.
The lawsuit was filed one day after the SEC sued Binance, the world’s largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations. In a separate 177-page filing denying the SEC’s substantive claims, Coinbase said it “welcomes regulation,” but that the regulator was arbitrarily and without Congress’ permission trying to fill the “regulatory gap” over crypto assets.
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