At the Coinbase hearing, the judge said that he would not decide whether to dismiss the case for the time being.

Odaily Planet Daily News: New York District Judge Katherine Polk Failla questioned Coinbase in court on Wednesday, asking whether the tokens listed on its exchange are securities. In June, Coinbase was sued by the U.S. Securities and Exchange Commission (SEC) for allegedly operating as an unregistered exchange, broker and clearing agency. Coinbase refuted the allegations, asking to dismiss the case and accusing the regulator of taking an "enforcement supervision" approach. Coinbase lawyer William Savitt delved into how to define securities, noting that "there is a difference between investing in Beanie Baby Inc. and buying Beanie Babies." According to the SEC's June complaint, the SEC said that tokens including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO are securities. Savitt pointed out that Coinbase does not believe that the tokens listed on its website can never be considered securities. "We do not believe that token transactions can never be investment contracts," he said, adding that the SEC did not, however, make any allegations in its lawsuit that met the definition of an investment contract. The judge said Wednesday she would not make a decision on whether to dismiss the case.