The SEC filed a motion to oppose Coinbase’s motion to dismiss the case on October 3. Coinbase’s chief legal officer, Paul Grewal, said that the agency has no grounds for their claims as crypto assets have not been legally deemed as securities by Congress. Coinbase filed a motion to dismiss the complaint on August 4, arguing that the Commission had violated due process and abused its discretion. SEC chair Gary Gensler was questioned by New York Representative Ritchie Torres during a U.S. House Committee on Financial Services meeting. Crypto lawyer John E. Deaton said that the odds have improved in Coinbase’s favor and stands, at least, at 50%.Grewal said the SEC’s aggressive policing of the sector ignores a large segment of the population that has invested in crypto and could lose money through the torrent of litigation against the industry. Coinbase will file their response to the SEC on October 24.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	Paul Grewal, John E. Deaton, Gary Gensler, None, Ritchie Torres
Companies	SEC, U.S. House Committee on Financial Services, Pokemon, Coinbase, Binance
Currencies	BUSD, Ethereum, APENFT, Bitcoin, swiftie bracelets
Securities	None