On Oct. 4, the U.S. Securities and Exchange Commission (SEC) submitted a court filing opposing Coinbase’s attempts to dismiss a suit filed by SEC, which alleges that the crypto exchange has violated multiple securities laws.
Coinbase first attempted to have the regulator’s charges thrown out in August. At that time, it claimed that none of the services offered on its platform fall under securities law.
The SEC has now countered this by asserting that Coinbase’s role in intermediating transactions in investment contracts satisfies the Howey Test, which serves as a litmus test for investment contracts under American securities law.
The regulator addressed the issue as follows:
“Ignoring [the application of the Howey test], Coinbase instead asks the Court to conclude that crypto asset transactions on its platform can never involve ‘investment contracts.’”
To this end, Coinbase intends to argue that investment contracts necessarily include common law contractual agreements —
We współpracy z: https://cryptoslate.com/sec-hits-back-at-coinbases-request-to-dismiss-case/
