Coinbase is standing firm against the United States Securities and Exchange Commission (SEC), arguing that the SEC is sidestepping the Howey test in its case against the crypto exchange. The dispute revolves around whether an investment contract requires a contractual undertaking, a point the SEC has argued against. Coinbase has also pointed out inconsistencies in the SEC's claims in its case against Ripple. This comes as the House of Representatives passed a bill limiting the SEC's jurisdiction. The SEC's lawsuit against Coinbase alleges violations of securities law, including claims about its staking program and the listing of certain cryptocurrencies.