July 2 (Cointime) - Cryptocurrency exchange Bittrex has submitted a motion to dismiss the lawsuit filed against it by the United States Securities and Exchange Commission (SEC), arguing that the SEC does not have the authority to regulate cryptocurrencies as securities without explicit permission from Congress. Bittrex's legal team has aligned its arguments with those made by Coinbase, indicating a strategic move to construct a unified defense against the SEC's lawsuit. Both Bittrex and Coinbase argue that once an asset is launched and actively traded on secondary markets, it should no longer be considered a security, but rather categorized as a commodity or another class of digital asset. The SEC filed allegations against Bittrex and its co-founder in April for running an unregistered national securities exchange.