Coinbase has slammed the SEC's overreach, claiming that crypto assets listed on its platform lie outside the regulator's jurisdiction.
SEC previously alleged that a dozen of the cryptocurrencies sold through Coinbase’s wallet or trading platforms were unregistered securities. The regulating body made similar accusations when itThe latest response from Coinbase cements its previous arguments with additional details. Coinbase has claimed that crypto assets on the exchange’s secondary market platform are not part of any arrangements in which a promoter sells a contract-linked asset.
Coinbase claimed that only the assets that the traders have bought and traded have value, not the businesses behind those assets. Thus, the transactions are not securities transactions.According to the exchange’s filing, the current SEC Chair Gary Gensler changed his stance on the regulator’s authority over crypto assets between entering office in April 2021 and mid-2022. Besides, the company has also petitioned for crypto rulemaking.
The exchange’s filing argues that the regulator is pursuing enforcement by regulation rather than rulemaking.a letter to the judge overseeing the case, District Judge Katherine Polk Failla, on 28 June. It asked Judge Polk Failla to dismiss the SEC’s lawsuit. It alleged that when the SEC filed the lawsuit, it violated the exchange’s due process rights.
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