Coinbase submitted a reply brief to the US Securities and Exchange Commission (SEC) in June accusing it of not registering as a securities exchange, broker, and clearing agency. Coinbase stated that the SEC's allegations exceeded its jurisdiction.

According to Coinbase's filing, "Because the SEC's complaint does not and cannot allege that Coinbase's determinative simple asset transactions involve continuing enterprise obligations, Coinbase is entitled to make a judgment on the complaint. In addition, the US Securities and Exchange Commission believes that any purchase behavior that buyers hope to obtain value-added constitutes an investment contract, and therefore a security. This is an attempt to fundamentally expand its own power, as is clear from the principle of significant issues. If an institution wants to make a decision on significant issues, it must have the support of Congress's explicit authorization to expand federal securities laws is Congress's responsibility."