Coinbase Global Inc. (NASDAQ: COIN) has filed a motion to the United States District Court for the Southern District of New York, asking for the dismissal of the Securities and Exchange Commission’s (SEC) complaint charges. According to Coinbase, the SEC was aware of the digital assets listed when they allowed the exchange to go public back in May 2021, and later claimed them to be unregistered securities.

Coinbase’s Chief Legal Officer has stated that the exchange is ready to dialogue with any regulatory agency. The motion also argues that the SEC does not have the authority to oversee the cryptocurrency market, as Congress has not yet passed the necessary legislation. Furthermore, Coinbase claims that the US risks losing its technological edge to countries with clear cryptocurrency regulations.

The motion comes days after Binance’s motion alleging SEC misconduct was denied. Coinbase believes that without new legislation, the SEC’s accusations are baseless and should be dismissed.