Earlier this month, Coinbase argued in its motion for judgment that the transactions the SEC pointed to didn’t meet the definition of an investment contract and therefore weren’t a violation of securities law.
“This is no run-of-the-mill enforcement case. Through this case the SEC seeks primary influence over economic, political, and legal questions under active consideration by Congress and multiple agencies,” the.
The argument was recently rejected by another federal judge in the same court overseeing a different SEC case against a crypto platform. Judge Jed Rakoff,by Terraform Labs, wrote that the crypto industry isn't yet of a sufficient significance as to meet those Supreme Court precedents.
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