Lawyers for the US Securities and Exchange Commission have expressed disbelief at Coinbase's claim that it was unaware it had violated securities laws. The SEC also rejected the suggestion that its approval of a 2021 registration statement related to Coinbase's initial public offering meant that its enforcement case had no merit. The agency argued that Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, had adopted a legal framework as a basis for making listing decisions that it now claims has no applicability to its activities. The SEC's response came in reply to an attempt by Coinbase to have the case thrown out.