SEC Seeks Support in Coinbase Lawsuit
In the ongoing U.S. Securities and Exchange Commission (SEC) v. Coinbase lawsuit, the SEC has requested several securities and legal entities to file amicus curiae briefs in support of its case against Coinbase. The American Securities Administrators Association (NASAA), New Finance Institute (NFI), and Administrative Law Scholars have all filed briefs supporting the SEC.
SEC Strengthens Arguments Against Coinbase
After failing to convince Judge Analisa Torres in the Ripple lawsuit to file an interlocutory appeal, the SEC is now trying to bolster its arguments in the Coinbase lawsuit. The SEC seeks to strengthen its case against Coinbase with the help of amicus curiae briefs from various entities.
NASAA Supports SEC in Amicus Brief
The North American Securities Administrators Association (NASAA) has filed an amicus brief in support of the SEC. NASAA argues that Congress broadly defined “security” to effectively regulate investments, including digital assets mentioned in SEC enforcement actions. NASAA also claims that Coinbase’s staking program constitutes an investment contract.
NFI Backs SEC’s Authority Over Crypto
The New Finance Institute (NFI) has also filed an amicus brief supporting the SEC. NFI argues that “investing” or a “contract” are not prerequisites for finding an “Investment Contract.” It further asserts that the SEC has the authority to regulate cryptocurrencies and requests the court to reject Coinbase’s motion for judgment on the pleadings.
Administrative Law Scholars Join Amici Curiae
Professors Todd Phillips and Beau Baumann, representing Administrative Law Scholars, have filed amicus briefs in support of the SEC. They argue against Coinbase’s motion for judgment on the pleadings, aligning with the SEC’s position.
Coinbase Claims Lack of SEC Jurisdiction
In response, Coinbase has requested the court to dismiss the lawsuit, asserting that the SEC lacks jurisdiction over the crypto industry and that its actions interfere with Congress’ recent efforts to establish a regulatory framework for cryptocurrencies.
Hot Take: SEC Gains Support in Coinbase Lawsuit
The SEC is gathering support in its lawsuit against Coinbase, as multiple securities and legal entities file amicus curiae briefs in favor of the regulatory agency. The NASAA, NFI, and Administrative Law Scholars have all backed the SEC’s arguments, emphasizing Congress’s broad definition of “security” and the SEC’s authority over digital assets. Coinbase, on the other hand, maintains its stance that the SEC lacks jurisdiction over the crypto industry. The outcome of this lawsuit will have significant implications for the regulation of cryptocurrencies in the United States.
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