- Coinbase has accused the SEC of itemizing the identical digital asset and later permitting it to be listed, claiming it was an unregistered safety.
- Coinbase’s lawsuit comes days after Binance’s allegations of SEC misconduct have been dismissed.
- Coinbase’s chief authorized officer claims the trade is open to dialogue with any regulator.
Coinbase International Inc. (NASDAQ:COIN) has sought to dismiss the Securities and Change Fee’s (SEC) grievance as with out advantage in a movement filed in the US District Court docket for the Southern District of New York.
The trade claims that when the Securities and Change Fee accepted Coinbase’s plans to record in Could 2021, the SEC was conscious of all operations, together with staking and itemizing.
Coinbase stated in a 177-page doc that the SEC’s prices are based mostly on allegations that 12 of the listed crypto tokens traded on the trade are securities. What’s fascinating, nevertheless, is that when the SEC authorized Coinbase for itemizing, 6 of the 12 designated digital belongings have been already buying and selling there. Coinbase argues that the authorized claims must be instantly dismissed as a result of the SEC didn’t classify crypto belongings as securities on the time.
Whereas it could look just like the Supreme Court docket-approved push for consumer arbitration in California, Coinbase is open to consulting with any regulator, together with the SEC, to debate easy methods to proceed. stated.
We’re at all times open to dialogue with any regulator, together with the SEC, and imagine new laws and rulemaking is the suitable manner ahead. Nonetheless, this lawsuit’s allegations go far past the scope of present legislation and must be dismissed. 2/2 https://t.co/3CID7vYURP
— paulgrewal.eth (@iampaulgrewal) June 29, 2023
Coinbase additionally argues that the SEC doesn’t have the authority to supervise the growing cryptocurrency trade as a result of Congress has not handed the mandatory laws.
Moreover, Coinbase argues that Congress must enact new laws to manage the cryptocurrency market, as it’s a world rising financial system. In any other case, the nation dangers dropping its technological edge to areas reminiscent of Europe, China and Singapore, which have already enacted clear cryptocurrency legal guidelines.
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