Coinbase has filed a motion to dismiss the US Securities and Exchange Commission's (SEC) case against the company, arguing that the SEC has "violated due process, abused its discretion and abandoned its own earlier interpretations of the securities laws." Coinbase claims that the "subject matter falls outside of the agency's delegated authority" and that the SEC can only pursue enforcement action if the relevant transactions are "investment contracts" and therefore "securities" under the Securities Act of 1933 and the Securities Exchange Act of 1934. Coinbase also argues that the SEC cannot "retroactively" regulate digital asset exchanges and that the Major Questions Doctrine would require dismissal of the complaint. The SEC sued Coinbase in June for allegedly operating as an unregistered exchange and offering unregistered securities.