{"id":19605,"date":"2023-06-29T18:34:08","date_gmt":"2023-06-29T18:34:08","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/coinbase-challenges-the-sec-seeks-case-dismissal-defending-its-practices\/"},"modified":"2023-06-29T18:34:11","modified_gmt":"2023-06-29T18:34:11","slug":"coinbase-challenges-the-sec-seeks-case-dismissal-defending-its-practices","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/coinbase-challenges-the-sec-seeks-case-dismissal-defending-its-practices\/","title":{"rendered":"Coinbase Challenges the SEC: Seeks Case Dismissal, Defending Its Practices"},"content":{"rendered":"
Coinbase has sent waves throughout Web3 by taking a stand against the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC). In a response submitted on June 28, the exchange giant contends that the case lacks a solid legal foundation and should be dismissed. The action comes amidst ongoing tension between the digital asset industry and the top U.S. securities regulator.<\/p>\n
The SEC\u2019s suit, lodged in early June shortly after a similar suit against Binance, accused Coinbase of operating as an unregistered securities exchange, citing over a dozen tokens on the platform as unregistered securities, including notable coins such as ADA and SOL. The regulator\u2019s complaint claims Coinbase violated securities law, a charge the company refutes, and seeks to argue in court.<\/p>\n
Paul Grewal, Chief Legal Officer at Coinbase, has been significantly outspoken about legal proceedings thus far. Taking to Twitter, he has continuously reinforced that his company does not list securities and has been consistent in its practices since the SEC conducted a thorough review of its operations before its public debut in April 2021.\u00a0<\/p>\n
He expressed that Coinbase\u2019s business model has not fundamentally changed since the IPO, and the same procedures for listing tokens have been followed.<\/p>\n