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Crypto News: United States based crypto exchange Coinbase on Friday filed a brief before the judge in the Securities and exchange commission (SEC) lawsuit seeking to dismiss the charges. In its brief, the exchange argued that it does not offer investment contracts, in a way that it is not interpreted by decades of Supreme Court rulings. The development comes at a time when the US regulators and politicians face increasing pressure to bring clarity to crypto market laws.
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“SEC Deviated From Prior Interpretation Of Law”
Attorneys representing the crypto exchange filed a memorandum of law in support of Coinbase’s motion for judgment on the pleadings before the United States District Court for the Southern District of New York. They argued that the SEC violated due process, and abandoned its own earlier interpretations of the securities laws. “By ignoring that precedent, the SEC has trampled the strict boundaries on its basic authority set by Congress,” said Paul Grewal, the chief legal officer at the exchange.
Similar To XRP Lawsuit
The attorneys also explained that the agency’s effort to portray a simple asset sale as a security is an unprecedented stretch.” Interestingly, the attorneys referred to the XRP lawsuit ruling, saying:
“The Ripple court found no investment contract based on facts substantially identical to those alleged here.”
Claiming that the SEC’s complaint does not plead the required elements of an investment contract, the SEC’s Exchange Act claims should be dismissed, it said in the latest filing. In June 2023, Coinbase and Binance were subjected to SEC lawsuits over alleged violation of securities laws. Earlier on Thursday, the exchange reported its second quarter earnings, beating Wall Street estimates. Meanwhile, the Coinbase (COIN) Stock Price is on a downward trajectory in the last few days.
Also Read: Binance Vs SEC News: BinanceUS Files Motion In Response To Earlier Deal With SEC
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