Coinbase Moves To Dismiss SEC Lawsuit; Cites Hinman Docs
Coinbase News: U.S. biggest crypto exchange, Coinbase on Wednesday moved ahead to file a notice of intent to file a motion to dismiss charges pushed by the Securities and Exchange Commission (SEC) against it.
Also Read: Coinbase CEO Notes Singapore Crypto Outlook While Facing US SEC Case
Coinbase Denies SEC’s Charges
As per Coinbase’s reply, it admits that it has not registered with the SEC as a broker, national securities exchange, or clearing agency. However. It denies that any of the assets it made available for trading include crypto asset securities.
It further denied that the commission has authority concerning investors, while, it also rejects that either the laws or SEC require a segregation of functions.
Paul Grewal, Chief Legal Officer At Coinbase urged that it welcome a dialogue with any financial watchdog and calls for a new legislation and rulemaking ahead. However, it claims that this SEC lawsuit is beyond the existing law and might be dismissed. Read More Coinbase News Here…
No Crypto Rules Exist?
Attorney John Deaton. XRP holders’ lawyer in the US SEC Vs Ripple case noted that Coinbase’s motion is strong but he is sure that it will be granted by the court. The motion mentioned that Congress is initiating legislation, demonstrating its intent to make rules is a major issue.
He added that Coinbase used the infamous Hinman Ethereum speech to discuss a major regulatory gap and greater confusion regarding the rules making in the crypto market. It highlighted that SEC Chair, Gary Gensler, acknowledged that there are no such existing rules for crypto assets.
Deaton stated that there is no single case in history that has found that a secondary sale of an investment contract is also an investment contract.
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