SEC's amicus curiae dismantles Coinbase's securities argument in new filing
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At the core of the SEC and Coinbase dispute is the allegation that the latter is supporting a list of digital currencies that are unregistered securities. Some of the tokens labeled by the regulator include, but are not limited to, Cardano , Solana and Filecoin . In its support for the SEC, NASAA said as far as securities laws are concerned, there should be no preferential treatment.
"The SEC's theory in this case is consistent with the agency’s longstanding public position It is also well within the bounds of established law," the body's general counsel says.Notably, Coinbase is not alone in fighting the U.S. SEC regarding this particular allegation, as Binance is also facing related legal strain. However, Coinbase has a Motion to Dismiss the lawsuit, citing an overreach by the commission in its definition of what constitutes a security.
Since Coinbase is a secondary marketplace where ADA, FIL and SOL, among others, are traded, it is not liable for any offense being alleged by the regulator.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.
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