A U.S. court has ordered the U.S. Securities and Exchange Commission (SEC) to present its response to crypto exchange Coinbase's first legal defense on July 13. The hearing has been set at an earlier date than expected. Coinbase filed its first response to the SEC's charges 40 days before the Aug. 7 deadline. - In its motion, the exchange argued that the agency did not classify any tokens listed on the exchange as securities when it approved the platform going public in 2021.
- The company also underlined that it underwent an extensive review process for several months before going public and involved in-depth discussions with the SEC.
- Also, the firm cited SEC Chair Gary Gensler's testimony from 2021 when he said only Congress had the power to regulate the crypto industry, adding that even if all the allegations in the lawsuit are true, they are beyond the SEC's legal authority.
- On July 13, Judge Katherine Polk Failla will decide if Coinbase may move forward with this motion.
Coinbase entered a legal battle with the SEC earlier in June after the agency filed a lawsuit against the exchange over alleged U.S. securities law violations. - In its charges, the regulator labeled 12 tokens listed on Coinbase as unregistered securities.
- One day before Coinbase, Binance, the largest crypto exchange by trading volume, was also sued by the SEC through a 136-page complaint.
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