Prominent crypto exchange Coinbase is currently seeking to dismiss the allegations leveled against it by the United States Securities and Exchange Commission (SEC).
On Aug. 4, lawyers representing Coinbase submitted a motion to dismiss at the US District Court for the Southern District of New York, claiming the exchange does not offer securities and operates outside the SEC’s jurisdiction in terms of regulations.
Back in June, the SEC had sued Coinbase on charges of “operating as an unregistered securities exchange, broker and clearing agency.”
Coinbase Bases Case Dismissal On Ripple Vs. SEC, Among Other Factors
In its motion to dismiss on Friday, Coinbase argues that the trade of the 12 tokens highlighted in the SEC’s case does not qualify as securities transactions based on existing US laws, most notably the Howey Test.
According to the exchange, purchasing these tokens is synonymous with owning baseball cards in…
