COIN - Coinbase Takes On SEC In Court: A Turning Point For Crypto? | Benzinga
Coinbase Global Inc (NASDAQ:COIN) is set to contest the U.S. Securities and Exchange Commission’s (SEC) classification of tokens traded on its platform as securities.
What Happened: Coinbase, the world’s largest publicly traded cryptocurrency exchange, is scheduled to present its case in a federal court on Wednesday, as reported by Reuters on Wednesday. The exchange will argue that the tokens it facilitates trading for are not securities and, therefore, should not be under the SEC’s jurisdiction.
The SEC filed a lawsuit against Coinbase in June, alleging that the exchange was illegally operating as a national securities exchange, broker, and clearing agency. The SEC also targeted Coinbase’s “staking” program, which it claimed should have been registered with the agency.
Coinbase’s argument is expected to center around the assertion that crypto assets are fundamentally different from traditional securities and should not be subject to the same regulatory oversight.
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