SEC has no authority to police crypto, Coinbase reportedly says

Coinbase Global ( NASDAQ: COIN ) reportedly argued that the U.S. Securities and Exchange Commission does not have the authority to police the cryptocurrency space, it said in response to the regulator's lawsuit late Wednesday. In addition, the company “is not, and has never been, a securities exchange, or a broker, or a clearing agency under the federal securities laws," lawyers for COIN wrote, The Information reported. Also, the SEC has alleged that the digital tokens listed on Coinbase's ( COIN ) trading platform and staking services are considered securities, but the company contended that's not the case. Earlier this month, the SEC sued Coinbase ( COIN ) for allegedly operating as an unregistered securities exchange and violating other securities laws. It also sued Binance , the world's largest crypto exchange by trading volume, shortly thereafter. Most crypto exchanges likely would not be able to operate in the U.S. should the SEC win, potentially hampering crypto-market capital flows. COIN, meanwhile, climbed 3.3% in Thursday morning trading, as bitcoin ( BTC-USD ) edged up 1% to $30.6K. More on Coinbase and the SEC: Coinbase: An Opportunity To Take Advantage Of Volatility Supreme Court rules in favor of Coinbase on arbitration Moody's cuts Coinbase outlook to negative on SEC charges, but affirms credit ratings Coinbase willing to take sight with SEC to the Supreme Court - report