Coinbase Questions SEC's Authority Over Cryptocurrency Classification

Coinbase Questions SEC's Authority, Asserts Cryptos Are Not Securities 

Coinbase has strongly proclaimed that the US Securities and Exchange Commission (SEC) surpassed its authority by classifying cryptocurrencies listed on the platform as securities. Coinbase criticised the SEC for having an overly broad definition of securities and asserted that the cryptocurrencies it lists do not fall under the regulator's jurisdiction in a 24 October filing. Coinbase summons the SEC for a "radical expansion of its own authority" and argues that Congress alone has the ability to regulate such affairs. This feedback comes after the SEC's request to discard Coinbase's dismissal motion, in which the regulator maintained that some listed cryptocurrencies were investment contracts.