Coinbase faces deadline issues. The Securities and Exchange Commission (SEC) of the United States has reacted to Coinbase’s assertion that it lacks the authority to bring legal action against bitcoin exchanges. In a letter that was submitted to the court on July 7, the SEC made this plain.
Caption: SEC letter to Coinbase
Coinbase claimed that the agency lacks the authority to sue it in a filing made by the regulator, to which the latter responded. The SEC sued Coinbase a month ago on the grounds that it had listed at least 13 distinct cryptocurrencies that are unregistered securities and was acting simultaneously as an unregistered broker, clearinghouse, and exchange.
The SEC requested that the court reject Coinbase’s claims that the lawsuit breached the major questions doctrine and other issues in a document released on Friday. The SEC also stated that it would oppose any move for judgment that Coinbase would submit.
The regulator responded to Coinbase’s filing in which Coinbase claimed that the agency lacked the authority to sue the company. A month ago, the SEC filed a lawsuit against Coinbase, stating that it was simultaneously acting as an unregistered broker, clearinghouse, and exchange by listing at least 13 distinct cryptocurrencies that are unregistered securities.
In its filing on Friday, the SEC stated that it would oppose any request for judgment that Coinbase might make. It also urged a judge to reject Coinbase’s claims that the lawsuit was unlawful under the substantial questions doctrine and other grounds.
Source: Flickr
Coinbase claimed that the agency lacks the authority to sue it in a filing made by the regulator, to which the latter responded. The SEC sued Coinbase a month ago on the grounds that it had listed at least 13 distinct cryptocurrencies that are unregistered securities and was acting simultaneously as an unregistered broker, clearinghouse, and exchange.
