Coinbase asks court to toss SEC suit, says tokens are not investment contracts.
In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission , the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint.filed on Thursday, June 29 with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting the agency was reaching beyond its legal authority.
This move underscores Coinbase’s determination to challenge the SEC’s lawsuit. The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. Coinbase’s legal team stated in the filing: “Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] action must be dismissed on independent grounds that it violates Coinbase’s due process rights and constitutes an extraordinary abuse of process.”in 12 digital tokens that were deemed securities.
The company has contested this claim, and argued that the SEC was applying securities laws to certain digital tokens in ways that significantly deviate from existing legal frameworks. Paul Grewal, Coinbase’s chief legal officer, wrote in a tweet on June 29, that the SEC’s claims “go far beyond existing law” and should, therefore, be dismissed.
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