In a recent legal battle between Coinbase and the U.S. Securities and Exchange Commission, Coinbase filed a petition to get the court to dismiss the SEC complaint.
indocumentIn a legal filing filed with the U.S. District Court for the Southern District of New York on Thursday, June 29, Coinbase raised concerns about the SEC’s interpretation of securities laws, pointing to the agency’s overuse of authority. specified by law
The move underscores Coinbase’s commitment to challenging the SEC’s lawsuit. Even though all the allegations in the case are true. But the plaintiffs have no legal claims, Coinbase’s legal team stated in the document:
“While the SEC is correct that the assets and services identified fall within the scope of existing regulators, But legal action This request must be terminated on the grounds of infringement of Coinbase’s due process rights and constitutes an abuse of process.”
The US SEC accused Coinbase of facilitating unregistered trading of 12 digital tokens that are considered securities.
The company disputes this claim and argues that the SEC is applying securities laws to certain digital tokens in ways that deviate from existing legal frameworks, Coinbase Chief Legal Officer Paul Grewal tweeted. on June 29, saying the SEC’s claims “exceed existing law” and should be dismissed.
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