Gary, you're a bad man, and we all know what happens to bad men... After Coinbase wins this case, then all these other lawsuits against crypto exchanges will be invalid. The SEC has put themselves in a bad position from their stupid decisions. And it's unfolding right in front of our eyes... Coinbase seeks dismissal of SEC suit, claims extraordinary abuse of process The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. 9614Total views 9Total shares Listen to article 2:56 NEWS Join us on social networks In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission, the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. In a legal document filed on Thursday, June 29 with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting the agency was reaching beyond its legal authority. This move underscores Coinbase’s determination to challenge the SEC’s lawsuit. The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. Coinbase’s legal team stated in the filing: “Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] action must be dismissed on independent grounds that it violates Coinbase’s due process rights and constitutes an extraordinary abuse of process.” The SEC lawsuit alleged that Coinbase facilitated unregistered trading in 12 digital tokens that were deemed securities. The company has contested this claim and argued that the SEC was applying securities laws to certain digital tokens in ways that significantly deviate from existing legal frameworks. Paul Grewal, chief legal officer of Coinbase, tweeted on June 29, saying that the SEC’s claims “go far beyond existing law” and should, therefore, be dismissed. The SEC’s definition of security includes investment contracts, which have been interpreted by the Supreme Court in the Howey test to include transactions where individuals invest money in a common enterprise and expect profits primarily from the efforts of others. In its suit, the SEC named 12 crypto tokens as securities — Solana SOL $18 , Cardano ADA $0.275 , Polygon MATIC $0.6261 , The Sandbox SAND $0.41 , Flow (FLOW), Internet Computer ICP $4.01 , Near NEAR $1.36 and Dash DASH $34 . Related: Gary Gensler is hurting the little guys for Wall Street The exchange’s lawyers further argued that in 2021, the SEC declared Coinbase’s registration statement with the commission effective, thereby permitting the company to sell its shares to investors when it went public. The approval followed an extensive review process that spanned several months and involved in-depth discussions with Coinbase. This allowed Coinbase to trade more than 240 tokens on its spot exchange, including six of the 12 tokens now under dispute.
This old video and it's script is worth a look and read .. this may apply to ALL other so called exchanges !
Binance and Coinbase don't use customer funds for investments like FTX did. They are financially strong and not ran by an idiot (SBF). But I will watch that video anyway... The same can be said about FOX news. When I posted this it was only 23 mins old news. I think I have a right to say the word BREAKING.
We will see how this goes... Coinbase launches its own blockchain in first for a publicly listed company https://finance.yahoo.com/news/coinbase-launches-own-blockchain-first-071208204.html Coinbase Global announced the public launch of its Ethereum layer-2 blockchain Base on Wednesday. In doing so, the San Francisco-based cryptocurrency exchange became the first publicly listed company to launch its own blockchain network. Fast facts Coinbase claims that the Base blockchain network will allow users access to over 100 decentralized applications (Dapps). “Base was created with a clear vision: bring the next million builders and billion users onchain,” wrote Jesse Pollak, head of protocols for Coinbase, in a news release. “This serves to accelerate a global, decentralized financial system that will increase economic freedom around the world.” Coinbase first trialed the blockchain in February. It then opened the network to builders in July, allowing users to bridge Ether to the Base network with certain developer tools. Over US$127.3 million worth of Ether had been bridged to the Base blockchain as of Thursday afternoon in Asia, according to blockchain analytics platform Dune Analytics. To mark the launch, Coinbase kicked off “Onchain Summer” — an event that it describes as a month-long celebration of blockchain art, music and gaming. Participants include Coca-Cola, game developer Atari and NFT marketplace OpenSea. Meanwhile, the company remains under regulatory scrutiny from the U.S. Securities and Exchange Commission. The SEC filed a lawsuit against Coinbase and Binance.US in June for allegedly breaching securities laws. Both companies deny the allegations.