Coinbase, America's largest cryptocurrency exchange, has filed a motion to dismiss a lawsuit brought by the Securities and Exchange Commission (SEC). The motion argues that crypto assets are neither investment contracts nor securities, and therefore fall outside the SEC's authority. The SEC had accused Coinbase of failing to register as a national securities exchange, clearing agency, and broker, and of violating securities laws by offering unregistered assets on its platform. In its defense, Coinbase claims the SEC violated due process and abandoned its own earlier interpretations of securities laws. The exchange insists that it does not offer investment contracts and does not operate as a broker.