The U.S. Securities and Exchange Commission (SEC) has asked a judge to reject Coinbase’s attempt to have the regulator’s lawsuit against it dismissed. The exchange had alleged that the agency overstepped its authority and abused its discretion in claiming that digital assets offered on the trading platform were unregistered securities.
SEC Adds Arguments to Support Its Claim That Crypto Assets on Coinbase Amounted to Securities
The securities regulator in the United States is not giving up on its litigation against America’s leading cryptocurrency exchange. On Tuesday, the SEC asked a federal judge to reject the attempts of Coinbase to have the Commission’s lawsuit against it dismissed.
In its legal case filed in early June, the SEC alleged that Coinbase evaded its regulations for years and infringed upon various securities laws by illegally operating an unregistered exchange, brokerage and clearing agency. The lawsuit came after the regulatory body sued Binance, the world’s largest crypto exchange, based on similar allegations.
In August, Coinbase urged the court to toss the SEC case, stating that the agency had “overstepped its statutory authority,” “abused its discretion,” and abandoned its own earlier interpretations of the U.S. securities laws.
