Coinbase files motion to dismiss SEC lawsuit citing a lack of regulatory authority Coinbase SecuritiesandExchangeCommission SEC
- Coinbase, the largest cryptocurrency exchange in the U.S., has filed a new motion to dismiss the lawsuit filed against the exchange by the Securities and Exchange Commission , saying that the agency had exceeded its legal authority.
“In the past year in particular the SEC has dramatically expanded its definition of investment contract and, therefore, its own authority to regulate digital assets,” Coinbase argued. “It has done so by decree, arbitrarily, and without congressional mandate.” Then, after two years, the SEC filed its lawsuit claiming that beginning in 2019, Coinbase failed to register as a national securities exchange, broker, and clearing agency.
“Congress has considered and continues to actively consider multiple regulatory proposals governing digital assets – but no statute enacted since April 2021 gives the SEC any powers to regulate digital asset exchanges, much less retroactively,” the exchange said. “The only change is in the SEC’s position regarding its powers. That position is untenable as a matter of law, and its assertion through this enforcement action offends due process and the constitutional separation of powers.
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