Coinbase files motion against SECs suit

Coinbase’s legal officer confirmed that its legal team initiated a legal challenge against the American securities regulatory body’s suit.

Coinbase is a global crypto exchange. In the US, the majority of the big players use Coinbase services to invest in cryptocurrencies, as the exchange follows all possible laws to remain compliant with the all corresponding regulatory bodies in the country. In the first week of this month, the United States Securities Exchange Commission (SEC) initiated a suit against Coinbase over providing 12 unregistered securities offerings via the Coinbase trading platform. 

On 29 June 2023, Paul Grewal, the chief legal officer said that Coinbase’s legal team filed a motion against the suit, lodged by the US SEC. 

Filed motion includes several arguments against the SEC’s allegations, which intend to dismiss the SEC’s lawsuit. 

Today @coinbase filed our answer and notice of intent to file a motion to dismiss the @SECGov case against us. You can read our response for yourself – our arguments speak for themselves. 1/2 https://t.co/Ld2ZEejhyM

— paulgrewal.eth (@iampaulgrewal) June 29, 2023

Coinbase’s filing read:

“None of the assets the SEC has now identified are securities, and for that and other reasons, secondary transactions in those assets are also not securities.”

The filing also confirmed that the SEC body was not against 6 mentioned alleged security crypto tokens in the previous dealings with Coinbase in 2021. Indirectly Coinbase legal team argued how can the SEC body take legal action against the Coinbase exchange directly without any prior & proper notice?

It is worth noting that the SEC body filed suit against Coinbase on 6 June but still, this crypto exchange is not in the mood to bring changes in its services and also confidently takes action against the securities regulatory body on behalf of facts & laws. 

On the other hand, BinanceUS, an independent subsidiary of Binance crypto exchange, delisted more than 100 crypto trade pairs from the platform, following the SEC’s suit action. 

Coin share price

Coinbase exchanges trade publicly on the Nasdaq exchange under the Index “COIN”. The current trade price of COIN share is $72.43 & this trade price is 27% high over the last 5 days of trade price, which is enough to show that Coinbase investors are confident with their investment in the Coinbase exchange and they are not taking any negativity because of SEC’s lawsuit.

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