SEC asked the court not to cancel the lawsuit against the Coinbase Exchange – Bits Media

United States Securities and Exchange Commission (SEC) appealed to the federal judge with a request to reject the request of the Coinbase cryptocurrency exchange in the suit of the regulator.

In a statement from 3 October, filed in the district court of New York, SEC answered Coinbase, Having designated again your position: Some cryptocurrencies, presented on a trading platform, are investment contracts according to the Haui test, Therefore, they must be registered in SEC.

The regulator noted, that Coinbase "always knew", that the cryptocurrencies sold on it are securities in accordance with the Haui test, and supposedly the exchange has already recognized this in its documents, filed in the SEC. The department did not agree with the statement of Coinbase, that SEC has no authority over the cryptocurrency market until then, until the Congress is announced about this. As the commission put it, She did not take on any new powers to do it, what would be prohibited by federal laws on securities.

“Each issuer of crypto assets instilled hope in investors and buyers, trading on Coinbase, that their investments will increase significantly, Depending on the issuer's plan for the development and maintenance of the value of the asset ", SEC said.

Main lawyer Coinbase Paul Griel (Paul Grewal) wrote on the social network x (Twitter), that SEC continues to put forward old arguments, And crypto acts, which the regulator so stubbornly calls securities, are not actually such and are not even in the jurisdiction of the commission. Gruel joked, that the securities for the SEC can even be Pokemon cards, Swiftie brands and bracelets.

The SEC’s arguments today would mean that everything from Pokemon cards to stamps to Swiftie bracelets are also securities. As @repritchie made so clear last week, that is simply not the law, nor should it be. 4/7

— paulgrewal.eth (@iapaulgrewal) October 3, 2023

Recently, the SEC opposed the sale of assets of a bankrupt cryptocurred Celsius cryptotor on the Coinbase Exchange, explained, that the site is not registered in the department as a broker.