Lawyers representing Coinbase said a judge should throw out a case brought by the SEC, arguing the agency is out of bounds.
Lawyers representing crypto exchange Coinbase say a New York judge should throw out a case brought by the Securities and Exchange Commission, insisting that the agency was out of bounds.
"Investment contracts grant the purchaser a contractual claim related to the future income, profits, or assets of a business enterprise. That is what makes them securities rather than just investments," Coinbase said in a filing. "Because the SEC’s Complaint does not and cannot plead that the simple asset trades it identifies involve ongoing contractual obligations related to a business enterprise, Coinbase is entitled to judgment on the pleadings.
"Consider an artist who sells paintings over Etsy with a note that she is planning to exhibit her work in a gallery next month. Those who read the note might buy the paintings hoping the artist's plans to increase her exposure will drive up the value of her work. In the SEC's conception, each sale and resale of the paintings on Etsy would be a securities transaction," Coinbase said.
Coinbase also asserted in its Tuesday filing that the major questions doctrine does apply, despite critics saying it doesn't. The doctrine says that if an agency wants to decide on an issue that has major national significance, it has to be supported by clear congressional authorization.
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