NEW YORK (Reuters) – Coinbase on Friday asked a federal judge to end the U.S. Securities and Exchange Commission’s case against it that alleges the cryptocurrency exchange has violated U.S. laws.
Coinbase filed its brief in a federal court in New York. In June, the SEC sued the firm, saying it was illegally operating as a national securities exchange, broker and clearing agency without registering with the regulator.
“Our core argument is simple – we do not offer ‘investment contracts’ as that term has been construed by decades of Supreme Court and other binding precedent,” Coinbase’s chief legal officer Paul Grewal said in a statement on Twitter.
(Reporting by Jonathan Stempel and Chris Prentice; Editing by Toby Chopra)
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