Coinbase filed a response to the U.S. Securities and Replace Commission’s (SEC) lawsuit on Thursday, arguing that the regulator’s claims hunch past original legislation and will be brushed aside.

In the 177-page doc, Coinbase refuted the SEC’s major utter that it working an unregistered securities alternate, asserting none of the resources trading on its platform were securities.

Six of the 12 resources that the SEC alleged are securities in its lawsuit were already trading on Coinbase when the regulator licensed the crypto firm’s registration commentary on the time of its Boom Public Offering.

“The SEC’s about-face isn’t very a made of cloth changes to Coinbase’s industry since 2021; none are alleged. Neither is it as a result of contemporary facts,” stated the submitting.

“Essentially the most efficient alternate is within the SEC’s discipline regarding its powers.”

The criticism drew reference to public statements made by Gensler in Would per chance also 2021, when he testified forward of Congress asserting that the SEC lacked statutory authority to defend watch over Coinbase and the same companies. At the time, Gensler stated that there became as soon as no market regulator around crypto exchanges which didn’t personal a regulatory framework.

Coinbase went on to relate that even supposing the SEC does personal regulatory purview over digital resources, the enforcement motion have to be brushed aside on the unprejudiced grounds that it violates the alternate’s due direction of rights and “constitutes an phenomenal abuse of direction of.”

Coinbase requested that the court push aside the SEC’s criticism and grant judgement in favor of all claims.

“In other phrases, they inquire the court to recount ‘you get on the merits, Coinbase.’ That is uncommon, and IMO a bigger news story than the acknowledge and coming near near motion to push aside,” wrote Bill Hughes, senior counsel and director of world regulatory topic at ConsenSys, on Twitter.