In a significant development in the ongoing legal battle between Coinbase and the U.S. Securities and Exchange Commission (SEC), the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. Coinbase argues that the digital assets listed on its platform do not fall under the SEC’s jurisdiction and disputes the regulator’s claim that several cryptocurrencies offered on its platforms are unregistered securities.
The SEC had filed a lawsuit against Coinbase in early June, alleging that a dozen cryptocurrencies offered on the exchange’s wallet or trading platforms were unregistered securities. Coinbase’s 177-page response, filed on Thursday, June 29, counters this claim by asserting that these cryptocurrencies do not qualify as investment contracts and therefore should not be classified as securities.
Coinbase Denies SEC Jurisdiction
Coinbase claims that cryptocurrencies traded on its secondary market platform are not part of an arrangement where a promo
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