The Crypto Roundup: 10 July 2023 | CryptoCompare.com

In a filing, the U.S. Securities and Exchange Commission (SEC) rebuffed Coinbase’s arguments over the regulator’s jurisdiction to bring a lawsuit against the exchange, and argued Coinbase was aware of potential legal violations years before they came into the regulatory crosshairs.

The legal dispute stems from allegations made by the SEC last month, claiming that Coinbase was functioning as an unauthorized broker, clearinghouse, and exchange. The SEC alleges that Coinbase facilitated the trading of at least 13 different cryptocurrencies that are not registered as securities.

In its filing, the regulator said it would oppose any motion for judgment Coinbase might file, and asked a court to dismiss Coinbase’s argument, which alleges the lawsuit infringes the major questions doctrine.

The SEC wrote Coinbase is a “multi-billion-dollar entity advised by sophisticated legal counsel” which “ argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase’s registration statement in 2021 the SEC confirmed the legality of Coinbase’s underlying business activities – at that time and for all time.”

The regulator insisted Coinbase had “willingly adopted the very legal framework” established by the U.S. Supreme Court to decide whether certain cryptocurrencies fulfilled the specifications of federal securities laws.

The SEC also offered a preview of its counter-arguments against Coinbase’s proposed motion for judgement, refuting Coinbase’s assertion that an investment contract must include a formal contract, and contesting Coinbase’s claim that investment contracts are merely asset sales if they’re traded on secondary markets.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/10/