The US Securities and Exchange Commission has responded to Coinbase and its motion to dismiss the case against it.
In a predictable move, the SEC filed a motion to oppose Coinbase’s motion to dismiss the case on Oct. 3. “It’s more of the same old same old,” said the exchange’s chief legal officer, Paul Grewal.Coinbase in June, a day after it went after Binance. It accused the firm of selling unregistered securities and providing an unregistered staking service.. It’s more of the same old same old. But don’t just take my word for it – take a look for yourself.
The SEC’s response was predictable as it reiterated the same old arguments that crypto assets are securities, similar to company stocks. Grewal said: He added that under the SEC’s claims, “everything from Pokemon cards to stamps to Swiftie bracelets are also securities,” however, this is not the law. When asked about a physical Pokémon card, Gensler said it does not qualify as a security. However, his response became muddled when Torres brought up NFT tokenized Pokémon cards.“After reading the SEC Opposition, the odds have improved in Coinbase’s favor and stands, at least, at 50%.”
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