Coinbase, a major American cryptocurrency exchange, is engaged in a legal battle with the SEC.

Coinbase's request for dismissal is believed to be unlikely to succeed due to the difficulty proving that its listed tokens are not securities.

The case's outcome could significantly impact Coinbase, with nearly a third of its revenue potentially at risk.

If the SEC's accusations of operating without proper registration are proven, Coinbase's services could be forced to separate.

The SEC initiated the lawsuit against Coinbase in June 2023.

Coinbase has called for clear crypto industry rules in U.S. courts, but the SEC insists that existing laws and regulations cover the crypto securities market.