Coinbase Chief Legal Officer: The SEC should not unilaterally expand and redefine its regulatory scope

Coinbase Chief Legal Officer Paul Grewal tweeted that today we presented arguments to dismiss the SEC's allegations. The SEC has broad authority over all investments, yet it has not provided any limiting principles for its definition of investment contracts. The SEC cannot unilaterally expand and redefine its regulatory scope; this should be determined by Congress and the ongoing legislative discussions regarding the regulatory framework. Coinbase does not offer securities, and we are confident in our legal arguments. We look forward to a decision from the court that can bring clarity to the industry.