Coinbase has filed a motion to dismiss the lawsuit filed against it against the US Securities and Exchange Commission (SEC), according to a tweet from Paul Grewal, its head of legal affairs.
The SEC case alleges that Coinbase should have been registered as a securities exchange, broker and clearing agency under federal securities laws, a charge the company vehemently denies.
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Grewal mentioned in the tweet,
“At any time, we welcome negotiations with any regulatory authority, including the SEC, and we believe that new legislation and rule-making is the way to go. But the allegations in this case go beyond existing legislation and should be dismissed.”
today @tweet We have submitted our answer and notice of intent to file a motion to decline @tweet case against us. You can read our response yourself – our arguments speak for themselves. 1/2 https://t.co/Ld2ZEejhyM
– paulgrewal.eth (@iampaulgrewal) June 29, 2023
In the proposal, Coinbase argues that the SEC’s position is inconsistent and contrary to previous agreements between the two organizations.
The exchange claims that when the SEC approved its registration statement in 2021, it did not indicate that Coinbase would need to register its operations.
The Securities and Exchange Commission (SEC) has sued Coinbase for failing to register since 2019, claiming that 12 of the more than 240 tokens traded on the platform qualified as securities.
Coinbase maintains that the SEC reversal is not due to fundamental changes in Coinbase’s business or new information, nor is it the result of a change in law, but simply a change in the SEC’s position.
The motion also states that the SEC’s claim is “indefensible as a matter of law” and violates due process and the constitutional separation of powers.
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Coinbase cites SEC Chairman Gary Gensler’s statement to Congress in May 2021 that the commission has no legal authority to regulate businesses like Coinbase, adding that the SEC has overstepped its authority.
According to the proposal, none of the instruments now designated as securities by the SEC are securities and the transactions are not securities transactions.
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