The US-based cryptocurrency exchange Coinbase has lodged a motion to dismiss a lawsuit by the Securities and Exchange Commission (SEC), challenging the regulator’s application of securities laws. Filed with the US District Court for the Southern District of New York, the motion questions the SEC’s jurisdiction. Coinbase maintained that even if the allegations are correct, the claim is not legally valid. Coinbase argues that the lawsuit oversteps on its due process rights and amounts to an extraordinary abuse of process. Coinbase further highlights that the SEC declared its registration statement effective in 2021, enabling the sale of its shares to investors.