Coinbase has asked a judge to scrap the U.S. Securities and Exchange Commission lawsuit against the cryptocurrency exchange.

The San Francisco-based exchange said in a federal filing Friday that the SEC’s “claims must be dismissed” because “the subject matter falls outside the agency’s delegated authority.”

The SEC in June hit America’s biggest digital asset exchange with a lawsuit, alleging that it operated for years as an unlicensed securities exchange.

Coinbase is now arguing that none of the digital assets and services it offers do not qualify as securities.“Because as a matter of law none of them [digital assets] are, the claims must be dismissed,” the filing said.

Coinbase Chief Legal Officer Paul Grewal said on Twitter Friday that the “core argument is simple—we do not offer ‘investment contracts’ as that term has been construed by decades of Supreme Court and other binding precedent.”

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Author: Mathew Di Salvo

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