Defendants Coinbase’s motion for oral arguments against the U.S. SEC regarding the judgment on the pleadings is granted by a federal judge. Crypto exchange Coinbase seeks the court judgment on the pleadings that transactions are not investment contracts, staking services do not involve the investment of money, and digital assets are not securities.
Judge Grants Coinbase’s Motion For Oral Argument
According to court filings late October 25, Judge Katherine Polk Failla granted an order approving Coinbase’s request for oral argument concerning the defendant’s motion for judgment on the pleadings.
The court has set January 17 for oral argument concerning Coinbase’s motion for judgment on the pleadings. Coinbase asserts that tokens necessarily represent the definition of an investment contract. Also, transactions in staking and other services are not investment contracts. Parties are required to file a joint submission on schedule before November 17.
“In light of the Court’s substantial trial and hearing calendar for the remainder of this year, the parties are hereby ORDERED to appear for oral argument on January 17, 2024, at 10:00 a.m. in Courtroom 618 of the Thurgood Marshall Courthouse, 40 Foley Square, New York, New York.”
Coinbase chief legal officer Paul Grewal also took to X announcing that an oral argument for judgment is set for January 17. He appreciated the court’s swift attention to the matter and looking to answer the court’s questions.
Coinbase Challenges SEC’s Attempts to Redefine Investment Contracts
Coinbase requested the court to dismiss the lawsuit as the SEC’s claims on securities are wide when it comes to digital tokens. The SEC’s reasoning for digital tokens does not apply to digital assets.
The SEC is attempting to have jurisdiction over the digital asset industry without authority from the U.S. Congress. The crypto industry and lawmakers have criticized the SEC’s regulation-by-enforcement approach. The irrational actions had a significant impact on the crypto prices.
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