Pro-crypto lobbying group supports Coinbase in legal battle with SEC
The Blockchain Association has filed an amicus brief in support of Coinbase in its legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC is suing Coinbase for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Coinbase argues that the crypto assets it supports are not investment contracts and should not be deemed as securities. The Blockchain Association agrees with Coinbase’s argument and asserts that the SEC is asserting authority that Congress has not granted it.
Key Points:
- The SEC is suing Coinbase for alleged unregistered securities activities.
- Coinbase argues that the supported crypto assets are not securities.
- The Blockchain Association supports Coinbase’s argument.
- The Association claims that the SEC is overstepping its regulatory authority.
- The SEC’s attempt to seize expansive authority must be rejected.
Hot Take:
The Blockchain Association’s amicus brief in support of Coinbase strengthens the argument that the SEC is overstepping its boundaries in regulating the crypto industry. This case has significant implications for the future of cryptocurrency regulation in the United States, and it will be interesting to see how the court rules. The outcome could set a precedent for how other crypto exchanges and platforms are regulated in the country.
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