Oral arguments in Coinbase’s request to dismiss SEC lawsuit begin Wednesday

BlockBeats News, January 17, Blockworks reported that Coinbase tried to get rid of a lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC) a few months ago, and now the company will soon face the agency in federal court. Oral arguments in Coinbase's bid to dismiss the SEC lawsuit filed last June are set to begin Wednesday morning in Manhattan. The SEC filed a lawsuit against Coinbase in June 2023, claiming that the publicly traded crypto trading platform operated without being registered as a broker-dealer, trading platform, and settlement institution. The agency claims that 13 cryptocurrencies are recognized as securities on Coinbase: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO. Coinbase argued in August that the SEC overstepped its authority because none of the tokens qualified as securities. Lawyers for the exchange further argued that regulators allowing the exchange to go public via a direct listing in 2021 was an effective approval of Coinbase's business operations.