Odaily News Coinbase submitted a brief in response to the U.S. Securities and Exchange Commission (SEC)’s June accusation that it failed to register as a securities exchange, broker and clearing agency. Coinbase said the SEC’s charges exceeded its jurisdiction. The Coinbase filing stated, Because the SECs complaint does not and cannot argue that the simple asset transactions it identified involve ongoing contractual obligations related to the enterprise, Coinbase is entitled to make judgments on the complaint. In addition, the SEC believes that the buyer wants Any purchase to obtain added value constitutes an investment contract and therefore a security, which is an attempt to fundamentally extend its own powers, as the material issues doctrine makes clear, if an institution wants to make a decision on an issue of material significance. Decisions must be supported by clear authorization from Congress, and it is Congress’s responsibility to expand the federal securities laws.”