The United States Securities and Exchange Commission (SEC) has asked a federal judge to deny Coinbase’s motion to dismiss a lawsuit by the regulator. The SEC believes that some of the cryptocurrencies listed on Coinbase’s platform are investment contracts under the Howey Test and should be subject to SEC registration. The SEC argued that Coinbase has “known all along” that cryptocurrencies it sells are securities if they meet the Howey Test and alleged the exchange recognized this in its filings with the SEC.Coinbase legal chief Paul Grewal said the SEC’s arguments were “more of the same old same old” and asserted the assets it lists “are not securities and are not within the SEC’s jurisdiction.” Grewal claimed the SEC’s arguments in its response would mean “everything from Pokemon cards to stamps to Swiftie bracelets are also securities.”Miles Jennings, a16z crypto’s general counsel, claimed in a post that the SEC’s motion “has a lot of holes.” Jennings added even if the court were to agree with the regulators main argument around investment contracts then the case “should still fail” as he believes the SEC’s definition of an investment contract has “endless breadth.”The United States Securities and Exchange Commission (SEC) has asked a federal judge to deny Coinbase’s motion to dismiss a lawsuit by the regulator. The SEC believes that some of the cryptocurrencies listed on Coinbase’s platform are investment contracts under the Howey Test and should be subject to SEC registration. Coinbase legal chief Paul Grewal argued that the assets it lists “are not securities and are not within the SEC’s jurisdiction.” Miles Jennings, a16z crypto’s general counsel, claimed that the SEC’s motion “has a lot of holes” and that the case “should still fail” as he believes the SEC’s definition of an investment contract has “endless breadth.” The SEC has argued that Coinbase has “known all along” that cryptocurrencies it sells are securities if they meet the Howey Test and alleged the exchange recognized this in its filings with the SEC.
This News Article was automatically generated by Bob the Bot (AI)
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, Miles Jennings |
| Companies | SEC, Howey Test, Coinbase, Twitter, a16z crypto, FTX |
| Currencies | None |
| Securities | None |
