6 Law Professors File Amicus Brief Supporting Coinbase In US SEC Case
Crypto News: Six law professors and scholars who are experts in securities law and related fields have filed amicus brief in support of crypto exchange Coinbase in the lawsuit against the U.S. Securities and Exchange Commission (SEC). The brief was filed after careful application of the securities laws and to help the court understand the history of the securities laws, they said in the filing to the US District Court, Southern District of New York. This comes a day after Senator Cynthia Lummis submitted an amicus brief in favor of the exchange.
Also Read: Gemini Cofounder Slams Gary Gensler: “America Deserves Better”
The amici are Stephen M. Bainbridge from UCLA, Tamar Frankel from Boston University, Sean J. Griffith from Fordham Law School, Lawrence Hamermesh from Widener University, M. Todd Henderson from University of Chicago Law School, and Jonathan R. Macey from Yale Law School. The law scholars have in the filing established a clear history of the definition of investment contracts.
Howey Criteria For Investment Contracts
The lawyers argued in the filing that with the Howey test, federal cases recognize that “investment contracts” require an expectation in the income, profits, or assets of a business. In conclusion, the law professors stated that the Court should stick with the settled meaning of the term ‘investment contract’ in interpreting it.
“An investor must be promised, by virtue of his or her investment, an ongoing contractual interest in the income, profits, or assets of the enterprise. In this section, we discuss some of these cases.”
Meanwhile, the law professors informed that the universities or law schools they work at have nothing to do with the amicus brief.
Also Read: Venom Foundation And UAE Government Collaborate On National Carbon Credit System
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300
- Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens
- Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts
- S&P Launches Crypto 50 Index But There’s A Catch
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
