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SEC asks court to dismiss all Coinbase complaints

US Securities and Exchange Commission (SEC) sued a petition asking to dismiss the complaint of the crypto exchange Coinbase against the actions of the regulator.

According to the SEC statement, representatives of the exchange are trying to divert the court’s attention from fatal errors in their legal arguments.

“Coinbase is reporting violations and trying to blame the SEC for its own legal difficulties,” the document says.

The regulator believes that any attempt by Coinbase to deny the fact that it violated securities laws should be rejected. The cryptocurrency exchange justification is “fatally flawed,” he said.

As an argument, the SEC cites the fact that Coinbase could be an intermediary in securities transactions.

Exchange officials argue that cryptocurrency transactions do not meet the definition of an investment contract because the transaction does not establish an actual contract.

Coinbase General Counsel Paul Grewad called the SEC’s claims “the same old”:

“The assets we list on our platform are not securities and are not subject to the jurisdiction of the SEC. The court decisions over the past few months have made this clear,” Grewal said.

In June 2023, the SEC accused the crypto exchange of violating securities laws. In August, Coinbase decided to file a motion to dismiss the SEC’s lawsuit.

Source: Cryptocurrency

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