Last updated on August 8, 2023
In an ongoing battle with the U.S. Securities and Exchange Commission (SEC), Coinbase, the popular cryptocurrency exchange, plans to file a motion to dismiss the SEC’s lawsuit on August 4. Coinbase’s chief legal officer, Paul Grewal, announced the company’s intentions to fight against the allegations of selling securities, claiming that Coinbase is not in violation of any security laws. The company maintains that cryptocurrencies are not securities but rather digital currencies with utility value, making them exempt from SEC jurisdiction. Coinbase’s argument is likely to focus on the fact that the SEC’s classification of cryptocurrencies as securities lacks solid legal grounds.
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