🚀 Coinbase fires back at SEC in their first legal response! 🚀 They claim assets on their platform don't fall under SEC purview. 🧐 Cryptos on their secondary market, they say, are not part of any arrangements where assets are tied to a contract. 🛡️

In other words, the tokens' issuers owe no obligations to investors, making these transactions not securities transactions. 😎

They argue SEC Chair Gensler changed his position on authority over crypto, and that they've been asking for regulation. Coinbase wants this lawsuit dismissed, accusing SEC action of being a violation of their due process rights. ⚖️

Coinbase also alleges their rights were violated when the lawsuit was brought and asked the judge to let them file for judgement. So, what do you think?? Share your thoughts below! 💬🤔