{"id":451310,"date":"2023-10-25T10:10:44","date_gmt":"2023-10-25T10:10:44","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=451310"},"modified":"2023-10-25T17:11:44","modified_gmt":"2023-10-25T17:11:44","slug":"coinbase-accuses-sec-of-overreach-in-lawsuit-says-it-wants-regulatory-authority-to-match-its-ambition","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/coinbase-accuses-sec-of-overreach-in-lawsuit-says-it-wants-regulatory-authority-to-match-its-ambition","title":{"rendered":"Coinbase Accuses SEC Of Overreach in Lawsuit, Says It Wants Regulatory Authority To Match Its &#8221;Ambition&#8221;"},"content":{"rendered":"<p>Coinbase said the US Securities and Exchange Commission (SEC) is overreaching its regulatory authority as it seeks to dismiss a lawsuit the regulator filed against it.<\/p>\n<p><span class=\"s1\">The SEC&rsquo;s definition of what constitutes an investment contract is overly broad, and assets traded on Coinbase&rsquo;s platform do not fall under the regulator&rsquo;s purview, it said in an <\/span><span class=\"s1\">Oct. 24 court <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.599908\/gov.uscourts.nysd.599908.83.0.pdf\" target=\"_blank\" rel=\"noopener\">filing.<\/a><\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">&ldquo;<\/span><span class=\"s1\">The SEC&rsquo;s authority is limited to securities transactions,&rdquo; it said. &ldquo;<\/span><span class=\"s1\">Not every parting of capital with a hope of gain qualifies, and trades over Coinbase are only securities transactions if they involve &lsquo;investment contracts.&rsquo; The transactions at issue here do not.&rdquo;&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a>'s opp. to our motion for judgment claims roving authority over all investments, with &ldquo;security&rdquo; and &ldquo;contract&rdquo; in the statutes performing no limiting function at all. As our reply shows, that's never been the law, and it's not the law now. 1\/3 <a href=\"https:\/\/t.co\/gVFyrJ8oIq\">https:\/\/t.co\/gVFyrJ8oIq<\/a><\/p>\n<p>&mdash; paulgrewal.eth (@iampaulgrewal) <a href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1716915069790134387?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p2\"><span class=\"s1\">Coinbase argues that investment contracts should provide purchasers with a contractual claim tied to a business enterprise&rsquo;s future income, profits, or assets.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">It claims the SEC is suggesting a significant change from established practice to enhance its control, and needs to provide clear boundaries to differentiate between investments it can regulate and those it can&rsquo;t.&nbsp;<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">&ldquo;It claims authority over essentially all investment activity&mdash;and thus the right to define its regulatory ambit, constrained only by its own ambition,&rdquo; the filing said.&nbsp;<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Coinbase Says SEC Stretches Howey Test &rdquo;Beyond Recognition&rdquo;<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">The SEC has relied on the Howey Test, a benchmark set by a 1946 U.S. Supreme Court case, to determine whether certain transactions qualify as investment contracts subject to securities laws. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Coinbase contends that the SEC has stretched the Howey Test&rsquo;s scope &ldquo;beyond recognition&rdquo; to support its classification of cryptocurrencies.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The SEC&rsquo;s perspective is that any transaction involving a purchase with an expectation of increased value or the commitment of capital could fall under their regulatory jurisdiction, which Coinbase argues is excessively broad.&nbsp;<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">To illustrate this point, Coinbase provides an example where an artist is selling their paintings on Etsy. They suggest that the SEC&rsquo;s perspective would label each sale and subsequent resale as a securities transaction.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">&ldquo;Etsy would have to register with the SEC as a national securities exchange, and the artist would have to file expansive public disclosures about her art-selling activities,&rdquo; the filing read, demonstrating the &ldquo;endless breadth&rdquo; of the SEC&rsquo;s assertion of authority.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Expert Insights<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Legal experts, including John E. Deaton, the founder of CryptoLaw US, have given their input on the case.&nbsp;<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Deaton has <span class=\"s2\">suggested<\/span> that there&rsquo;s a strong possibility the court may rule in favour of the cryptocurrency company. In particular, Deaton pointed out that the District Court Judge Katherine Polk Failla, overseeing the case, could decide that the SEC&rsquo;s use of the Howey Test doesn&rsquo;t encompass secondary sales, like the ones occurring on Coinbase&rsquo;s trading platform.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As I&rsquo;ve maintained from the moment this MTD was filed, Coinbase has a real shot here. I think Judge Failla could grant the motion, at least partially on the asset sales, if not the entire case. <\/p>\n<p>I have the odds for a Coinbase victory at the District Court level , better than&hellip;<\/p>\n<p>&mdash; John E Deaton (@JohnEDeaton1) <a href=\"https:\/\/twitter.com\/JohnEDeaton1\/status\/1716941904670077259?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>T<span class=\"s1\">he <a href=\"https:\/\/insidebitcoins.com\/news\/sec-files-lawsuit-against-coinbase-for-unregistered-crypto-broker-activity\"><span class=\"s2\">SEC sued Coinbase<\/span><\/a>&nbsp;in June, accusing the exchange of violating U.S. securities laws by listing several tokens it considers securities and not registering with the regulator. Coinbase <a href=\"https:\/\/insidebitcoins.com\/news\/coinbase-says-sec-has-no-jurisdiction-over-its-assets\"><span class=\"s2\">responded with a motion<\/span><\/a> for judgment on June 29, asserting that the SEC was abusing its power and violating its due process rights.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\"><b>Related Articles<\/b><\/span><\/h2>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\"><a href=\"https:\/\/insidebitcoins.com\/news\/sec-files-lawsuit-against-coinbase-for-unregistered-crypto-broker-activity\"><span class=\"s4\">SEC Files Lawsuit Against Coinbase for Unregistered Crypto Broker Activity<\/span><\/a><\/span><span class=\"s5\"><br>\n<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\"><a href=\"https:\/\/insidebitcoins.com\/news\/coinbase-says-sec-has-no-jurisdiction-over-its-assets\"><span class=\"s4\">Coinbase Says SEC Has No Jurisdiction Over Its Assets<\/span><\/a><\/span><span class=\"s5\"><br>\n<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\"><a href=\"https:\/\/insidebitcoins.com\/news\/sec-wants-judge-to-deny-coinbases-motion-to-dismiss-lawsuit\"><span class=\"s4\">SEC Wants Judge to Deny Coinbase&rsquo;s Motion to Dismiss Lawsuit<\/span><\/a><\/span><span class=\"s5\"><br>\n<\/span><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Most Searched Crypto Launch - Pepe Unchained<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div class=\"inContentProviderSingle--rating\">\n         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overreaching its regulatory authority as it seeks to dismiss a lawsuit the regulator filed against <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1942,"featured_media":451392,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-451310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Accuses SEC Of Overreach in Lawsuit, Says It Wants Regulatory Authority To Match Its &#039;&#039;Ambition&#039;&#039;<\/title>\n<meta name=\"description\" content=\"Coinbase 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Compare Brokers within Crypto, Forex &amp; Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/d14398f5a1023729f9a3c6018217070a","name":"Jane Lubale","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/avatar_user_1942_1697718082-96x96.jpeg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/avatar_user_1942_1697718082-96x96.jpeg","caption":"Jane Lubale"},"description":"Jane is an experienced writer, specializing in cryptocurrency, blockchain, DeFi, Web3, and FinTech. 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