‘The SEC has violated due process’ — Coinbase CLO on motion to dismiss lawsuit By Cointelegraph

United States-based cryptocurrency exchange Coinbase (NASDAQ:) has filed a motion to dismiss a lawsuit brought by the Securities and Exchange Commission in June.

In an Aug. 4 filing with the U.S. District Court for the Southern District of New York, lawyers for Coinbase filed a motion for judgment, claiming the SEC had “violated due process, abused its discretion, and abandoned its own earlier interpretations of the securities laws” in asserting certain regulatory authority over the crypto exchange. The legal team cited precedent from the SEC v. case, in which a judge ruled that XRP (XRP) largely did not qualify as a security by the commission’s existing standards.