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Coinbase Files Petition to Terminate The SEC Case

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Coinbase has filed a petition with the US District Court to dismiss the charges that the Securities and Exchange Commission (SEC) has against it citing a lack of merits.

The CLO (Chief Legal Office) of Coinbase Global Inc. Paul Grewal is insisting that the exchange is prepared to discuss with any regulatory entity the way forward for cryptocurrency assets.

A remarkable turn has occurred regarding the ongoing legal battle between the United States SEC and Coinbase.

According to the motion, Coinbase wants SEC to dismiss all the charges that were presented against them with the emphasis that the charges lacked merits.

The American exchange referred that the Securities and Exchange Commission was well aware of its operations including listing and staking.

Moreover, the exchange undertook such activities only when it got approval on its request to go public back in May 2021.

READ ALSO: Bullish Sentiment: Will Bitcoin soar past $30k?

More Details of the Story

Earlier in June, the United States Securities and Exchange Commission filed a case against Coinbase alleging that several cryptos that the exchange offers on its trading platform or wallets were unregistered securities.

According to Paul Grewal, Coinbase’s CLO, the crypto exchange is prepared to discuss with any regulatory agency which includes SEC to get the best way forward for cryptocurrency rulemaking.

That is why, on Thursday, June 29, the American crypto exchange responded through a 177-page filed motion.

The motion opposes the claims made by SEC while insisting that those cryptos don’t qualify to be called investment contracts. Moreover, they shouldn’t be categorized as securities.

Coinbase Arguments against SEC

 As per Coinbase statements, the cryptos which it offered on its secondary marketplace weren’t part of a system in which a promoter trades an asset bound by a contract.

As a reference, Coinbase used the Supreme Court Howey Case to back up its position.

The exchange went further to say that those who issued the tokens weren’t obligated to investors.

It also underscored the controversy that the transactions carried out by Coinbase’s secondary marketplace were not securities.

Besides, the value which was gotten from the transactions belongs to the assets itself.

According to the filing, they were not held in the firms that generated them.

The dismissal motion insists that, even though the Securities and Exchange Commission was right in imposing its regulatory power over the mentioned services and assets, the case must still be dismissed.

The reason is that Coinbase’s due process rights have been violated and the exchange reported an abuse of the process.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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