Coinbase submitted a response brief to the SEC's charges today. Coinbase stated that the SEC claims jurisdiction over all investments and that the terms "securities" and "contracts" in regulations have no limiting effect. As the response shows, this has never been the law and is not the law now. In addition, the U.S. Securities and Exchange Commission believes that any purchase behavior in which the buyer hopes to obtain appreciation constitutes an investment contract, and therefore a security. This is an attempt to fundamentally expand its own power, as the principle of significant issues clearly states that only Congress can do this.
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