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Coinbase Petitions for the United States SEC Lawsuit Dropping

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Today Friday, August 4, Coinbase Global filed a petition asking the court to drop the United States Securities and Exchange Commission’s lawsuit, which accused the exchange of violating federal securities laws.

According to the filing in the Federal Court in Manhattan, the world’s largest publicly traded crypto exchange, the SEC has no jurisdiction to go after this case since the digital assets and services the commission objected to aren’t categorized as securities.

Coinbase also said that the US SEC had overreached its authority.

READ ALSO:Binance Records Extraordinary Achievement of 150M User Sign-Ups

Quick Takes

  • Coinbase legal counsel filed a memorandum of law to support the crypto exchange’s petition for judgment on the pleadings before the US District Court for the Southern District of New York.
  • The attorneys contended that the Securities and Exchange Commission violated the normal procedure and forsook its usual interpretations of the securities law.
  • According to Paul Grewal, the CLO (Chief Legal Officer) at Coinbase, by abandoning its particular precedent, the US SEC has crushed the tough boundaries on its primary authority initiated by Congress.
  • Going by what Paul Grewal claims, the US SEC has abused its discretion, violated its due process, and deserted its former interpretations of what securities laws are.
  • Through a motion filed today by Coinbase, the crypto exchange persists that it does not trade securities. As a result of this persistence by Coinbase, the Securities and Exchange Commission’s arguments became invalid.
  • Upon all these arguments making the rounds, the Securities and Exchange Commission still filed legal action against Binance, Richard Hart, cryptocurrency influencer, and Justin Sun, Tron founder, for supposedly selling unregistered securities.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is trading at $29,251.53 with an increase in market cap by 0.11% and a drop in trading volume by 16.16%.

Ethereum, on the other hand, is trading at $1,846.25 with an increase in market volume by 0.36% and a drop in trading volume by 4.92%.

  • On the side of TRON, its current price is at $0.07771, with an increase in market cap by 0.58% and a drop in trading volume by 10.73%.
  • Meanwhile, Shiba Inu is trading at $0.000008786 with an increase in market cap by 5.89% and an increase in trading volume by 64.81%.
  • Litecoin is presently trading at $83.32, with a drop in market cap by 3.53% and a drop in trading volume by 10.60%.
  • At present, Polygon is trading at $0.6737 with a drop in market cap by 0.59% and a drop in trading volume by 7.68%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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