Coinbase is fighting back against the Securities and Exchange Commission, citing a high profile case as a reason to dismiss the agency’s case.
against the Securities and Exchange Commission, citing a high profile case as a reason to dismiss the agency’s case.throughout a brief on Friday filed in the U.S. District Court for the Southern District of New York. Coinbase said the SEC’s effort to classify “a simple asset sale as a security is an unprecedented stretch,” and that a judge’s recent decision with Ripple bolsters their argument.accused Ripple of raising $1.
“In this case, by contrast, the SEC has charged Coinbase based solely on blind, bid-ask, spot exchange transactions—the very sort of transactions the Ripple court recently held as a matter of law were not investment contracts because the undisputed facts showed no relevant relationship between the parties to the sale,” Coinbase said in the brief.
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