Coinbase, one of the leading cryptocurrency exchanges in the US, has accused the Securities and Exchange Commission (SEC) of overstepping its authority. In a court filing, Coinbase argued that the SEC’s classification of crypto assets as securities goes beyond its jurisdiction. The exchange also claimed that the regulatory body is attempting to redefine the criteria for what constitutes a security, which deviates from established norms and precedents. Coinbase’s Chief Legal Officer, Paul Grewal, stated that the SEC’s actions reflect an attempt to maintain oversight without any limiting parameters. The exchange clarified that not every financial transaction with profit potential should be considered a security and emphasized that the SEC’s jurisdiction is limited to securities transactions alone. Coinbase also argued that its staking program does not qualify as a security because it does not involve an investment of money by customers or managerial efforts by the exchange. The ongoing legal battle between Coinbase and the SEC highlights the broader issue of crypto regulations and the extent of the SEC’s authority in this space.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Paul Grewal
Companies	Binance, U.S. Securities and Exchange Commission (SEC), Coinbase
Currencies	None
Securities	None