Coinbase has argued that the United States Securities and Exchange Commission (SEC) exceeded its authority by classifying Coinbase-listed cryptocurrencies as securities. In a recent filing, Coinbase criticized the SEC’s definition of a security, stating that it was too broad and that the cryptocurrencies listed on the exchange should not fall under the regulator’s purview. Coinbase claimed that the SEC has undertaken a “radical expansion of its own authority” and asserted that only Congress has the power to do so. The SEC had previously sued Coinbase for allegedly violating securities laws by listing tokens without registering with the regulator. Coinbase filed a motion for judgment, arguing that the SEC was abusing its power. The case is currently being overseen by Judge Katherine Polk Failla, who may request oral arguments before issuing a judgment or deciding to dismiss the case or have it heard by a jury.
Summary:
– Coinbase argues that the SEC exceeded its authority by classifying its listed cryptocurrencies as securities.
– The exchange claims that the SEC’s definition of a security is too broad and that the listed cryptocurrencies are not under the regulator’s purview.
– Coinbase accuses the SEC of undertaking a “radical expansion of its own authority” and asserts that only Congress can do so.
– The SEC had previously sued Coinbase for allegedly violating securities laws by listing tokens without registering with the regulator.
– Coinbase filed a motion for judgment, claiming that the SEC was abusing its power.
– The case is currently being overseen by Judge Katherine Polk Failla, who may request oral arguments before issuing a judgment or deciding to dismiss the case or have it heard by a jury.
