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Coinbase tells judge that buying crypto is just like collecting Beanie Babies
The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.
The crypto exchange is facing a lawsuit from the SEC accusing it of selling unregistered securities. Coinbase lawyer William Savitt said that when a cryptocurrency is bought, the buyer doesn't gain any rights like they do when they buy stocks or bonds. The SEC has leaned heavily on a 1946 Supreme Court decision that defined a security as an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."
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