The agency also pushed back on Coinbase's argument that review and approval of a statement related to its 2021 initial public offering invalidated the SEC's lawsuit against the U.S. crypto giant.
, lawyers for the U.S. Securities and Exchange Commission took an incredulous tone to the company's argument that it did not know it violated securities laws.
The agency also pushed back on a claim that its approval of a 2021 registration statement related to Coinbase's initial public offering meant that its enforcement case had no merit.unaware that its conduct risked violating the federal securities laws, and suggests that by approvingbusiness activities—at that time and for all time," SEC lawyers wrote Judge Katherine Polk Failla of the Southern District Court of New York.
"In other words, Coinbase adopted the very legal framework as a basis for making listing decisions that it now claims has no applicability to its activities," they continued.against the company, the SEC alleged that Coinbase referenced the Howey test on its own website as what drove the company to determine whether to list an asset or not.
Friday's filing came in response to an effort from Coinbase to have the case brought against it thrown out. Judge Polk Failla will review the arguments and make a determination in coming days. Coinbase Chief Legal Officer Paul Grewal called the SEC's allegations"more of the same" in a series of© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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