Coinbase Challenges SEC's Cryptocurrency Classification
Coinbase challenges the U.S. SEC's classification of its listed cryptocurrencies as securities, calling it an overreach in their bid to dismiss the lawsuit
In its Oct. 24 filing, Coinbase criticizes the SEC, arguing that the definition of a security is too broad and that the cryptocurrencies they list aren't within the SEC's jurisdiction
Coinbase asserts, "The SEC’s authority is limited to securities transactions. Not every capital investment qualifies as a security"
Coinbase accuses the SEC of expanding its authority beyond its limits and claims jurisdiction over almost all investment activity, a power reserved for Congress
Coinbase's chief legal officer, Paul Grewal, emphasizes that the SEC's definitions lack restraint, raising concerns about their scope
This latest filing is Coinbase's response to the SEC's Oct. 3 rebuttal. The legal battle continues as both sides present their arguments to the court.