Court grants Coinbase's request and sets hearing date
Court grants Coinbase's request and sets hearing date
A federal court has granted a request by lawyers for cryptocurrency exchange Coinbase to present oral evidence in a case against the U.S. Securities and Exchange Commission (SEC).
Crypto exchange Coinbase disagrees with the SEC's definition of investment contracts and refutes claims that the exchange's activities are illegal because transactions are not investment contracts, betting services do not involve the investment of money, and digital assets are not securities.
In a ruling by Judge Katherine Polk Failla, the court decided to grant Coinbase's request for oral argument on the defendant's motion for judgment on the pleadings, CoinGape reported.
The court has scheduled a hearing to decide the claims for January 17. The exchange said transactions for staking and other services are not investment contracts. Opposing parties must file a joint response by the court's Nov. 17 deadline.
"Due to a busy calendar of meetings and hearings for the remainder of this year, the parties are ordered to appear for oral argument on January 17, 2024, at 10:00 a.m.".
Coinbase's General Counsel Paul Grewal confirmed this information on his X profile while praising the court's quick decision on the matter.
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Coinbase had filed a lawsuit asking the court to dismiss the SEC's securities claims as they relate to digital tokens, while the SEC's definition of digital tokens is not the same as digital assets.
The SEC is attempting to gain complete control over the digital asset industry without authorization from Congress. The crypto industry and lawmakers are not in favor of the SEC's approach, which has put significant pressure on cryptocurrency prices.
Further reading: Binance makes Self-Trade Prevention an always-on feature.
