Coinbase Seeks to Dismiss SEC Lawsuit: Details
- Coinbase legal chief Paul Grewal said that his firm will file a motion to dismiss the SEC lawsuit on August 4.
- Grewal added that, as per his beliefs, his company is destined to win in court.
- “With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win,” he said.
- Grewal added that the brief would be accepted and considered by the court by October.
The largest crypto exchange in the United States, Coinbase, seeks to get a lawsuit from the Securities and Exchange Commission (SEC) dismissed. The exchange plans to file a motion to get the lawsuit dismissed on August 4, as per Chief Legal Officer Paul Grewal. The executive believes that his company can win the case.
In an August 3 earnings call for the second quarter of 2023, the legal chief at Coinbase expressed his optimism regarding the case filed by the SEC against his company, stating that the exchange would win in court. Grewal added:
“With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win.”
As reported earlier by Bitnation, the SEC sued Coinbase on June 6 for operating an unregistered securities exchange in the United States. Further, the regulator claims that the exchange’s executives were aware of the legal requirements for marketing and selling digital assets in the country but eventually disregarded those requirements.
Grewal added that his company will file a motion to dismiss this lawsuit in court on August 4. He confirmed:
“Tomorrow […] We will be moving the court for an order dismissing the case in its entirety.”
The Coinbase executive said that the crypto exchange will argue in court that the SEC has no jurisdiction over the crypto space, adding that his company does not list securities on its trading platform. Moreover, Grewal said that the lawyers will also argue that the SEC never suggested that there was a requirement to register when it declared Coinbase’s registration statement effective in April 2021.
Grewal added that the brief will be accepted and considered by the court by October and that he is very optimistic about this move.
“The reason why we are so focused on pushing for regulatory clarity here in the U.S. is that at present, under the status quo, we have very conflicting messages about what the law provides,” said Grewal.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
