Coinbase Fights SEC Jurisdiction, Seeks Dismissal of Lawsuit

Coinbase has responded to the U.S. Securities and Exchange Commission's (SEC) lawsuit, claiming that the digital assets listed on its platform are not securities and therefore fall outside the SEC's jurisdiction. The exchange argues that the cryptocurrencies offered on its secondary market platform do not involve investment contracts and that the issuers of the tokens owe no obligations to investors. Coinbase also alleges that its due process rights were violated and requests the judge to allow it to file for judgment. The company has previously asked for regulatory guidance and criticized the SEC's enforcement actions over rulemaking.