{"id":180577,"date":"2023-10-25T11:36:46","date_gmt":"2023-10-25T06:06:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=180577"},"modified":"2023-10-25T11:36:46","modified_gmt":"2023-10-25T06:06:46","slug":"coinbase-disputes-secs-crypto-authority-in-final-bid-to-toss-regulators-suit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-disputes-secs-crypto-authority-in-final-bid-to-toss-regulators-suit-crypto-news\/","title":{"rendered":"Coinbase disputes SEC\u2019s crypto authority in final bid to toss regulator\u2019s suit – Crypto News"},"content":{"rendered":"
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The Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator.<\/p>\n

In an Oct. 24 filing<\/a> in a New York District Court, Coinbase chastised the SEC claiming its definition for what qualifies as a security was too wide and contested that the cryptocurrencies the exchange lists are not under the regulator\u2019s purview.<\/p>\n

\u201cThe SEC\u2019s authority is limited to securities transactions. Not every parting of capital with a hope of gain qualifies, and trades over Coinbase are only securities transactions if they involve \u2018investment contracts.\u2019 The transactions at issue here do not.”<\/p><\/blockquote>\n

Coinbase claimed the SEC has undertaken a \u201cradical expansion of its own authority\u201d and claimed jurisdiction \u201cover essentially all investment activity\u201d which only Congress is entitled to do under the major questions doctrine.<\/p>\n

In an Oct. 24 X post, Coinbase\u2019s chief legal officer Paul Grewal echoed the claims saying the SEC\u2019s definitions have \u201cno limiting function at all.”<\/p>\n

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By arguing that any purchase in which the buyer hopes for an increase in value constitutes an investment contract-and therefore a security-the SEC is attempting a radical expansion of its own authority. Only Congress can do that as the major questions doctrine makes clear. 2\/3<\/p>\n

\u2014 paulgrewal.eth (@iampaulgrewal) October 24, 2023<\/a><\/p><\/blockquote>\n

Coinbase\u2019s recent filing comes in response to the SEC\u2019s Oct. 3 rebuttal<\/a> where it asked the court to reject Coinbase\u2019s dismissal motion, iterating its belief that various cryptocurrencies Coinbase listed were investment contracts under the Howey test.<\/p>\n

Related: <\/em><\/strong>Securities regulators oppose special treatment of crypto in Coinbase case <\/em><\/strong><\/a><\/p>\n

The SEC sued Coinbase on June 6,<\/a> claiming the exchange violated U.S. securities laws by listing several tokens it considers as securities and not registering with the regulator.<\/p>\n

Coinbase filed the motion for judgment on June 29<\/a> arguing the SEC was abusing its power and violating Coinbase\u2019s due process rights. <\/p>\n

Judge Katherine Polk Failla, who oversees the case, may ask Coinbase and the SEC to appear in court for oral arguments and then could issue judgment on the case, dismiss it or move for it to be heard in front of a jury.<\/p>\n

Magazine:<\/em><\/strong> <\/em><\/strong>Hall of Flame: Crypto lawyer Irina Heaver on death threats, lawsuit predictions<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC claiming its definition for what qualifies as a security […]<\/p>\n","protected":false},"author":2,"featured_media":180578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-180577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=180577"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180577\/revisions"}],"predecessor-version":[{"id":180580,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180577\/revisions\/180580"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/180578"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=180577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=180577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=180577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}