Coinbase has argued that the regulation of digital assets falls within the scope of the major questions doctrine, and the company has now added that argument to its motion to dismiss the SEC’s case. The crypto industry is awaiting the court’s decision on Coinbase’s motion to dismiss with eager anticipation as this could potentially change the face of digital asset regulation in the U.S.
In an effort to quash a lawsuit issued by the Securities and Exchange Commission (SEC) filed late 2022, Coinbase has filed a motion to dismiss with an argument that the dispute outweighs the complicated major questions doctrine. In filing the complaint, the SEC stated that Coinbase had violated the securities law when they ran trades and listed certain digital currencies. Although Coinbase does not consider these said digital assets as securities, the SEC would beg to differ. The credit card processor looks to the recent Ripple Labs case for illumination, which ruled that some of Ripple’s dealings of XRP did not equate to contravening the securities law.
Coinbase restated that the regulations of digital assets are a core tenant overlaid by the major questions doctrine. Because bureaucratic action incorporates an overarching influence on the cryptocurrency industry, the SEC should furnish a card key of congressional empowerment with the rule of law in hand for any type of regulation. The itemization of digital asset regulation presented within the major questions doctrine moved its documentary into being during the 1984 Supreme Court case Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc.
From the right for cryptocurrency laws set1 and regulations to be applied, the crypto-curious watch Coinbase’s motion to stifle warily, knowing this order could supply s a precedence within digital asset regulation in the United States.</p
1 The Securities and Exchange commission shares unambiguous principals and laws with command Congress authorization.”
