NewsletterBreaking: US SEC Gets Multiple Amicus Curiae Against Coinbase And Ripple
In the latest development in the U.S. Securities and Exchange Commission v. Coinbase lawsuit, the SEC has asked multiple securities and legal entities to file amicus curiae against Coinbase. American Securities Administrators Association (NASAA), New Finance Institute, and Administrative Law Scholars are new amici curiae supporting the U.S. SEC.
SEC Strengthening Arguments In Coinbase Lawsuit
After failing to convince Judge Analisa Torres in the Ripple lawsuit to file an interlocutory appeal, the U.S. Securities and Exchange Commission (SEC) seeks to strengthen its arguments in the Coinbase lawsuit.
North American Securities Administrators Association has filed an amicus brief in support of the SEC. The NASAA asked the court to reject Coinbase’s motion for judgment on the pleadings.
NSAA made several arguments including Congress defined “security” broadly to effectively regulate investments, in whatever form they may take; digital assets mentioned in SEC’s enforcement actions are investment contracts under securities laws; and the Howey test does not require the existence of formal contractual undertakings. Moreover, it alleges that Coinbase’s staking program is an investment contract.
New Finance Institute (NFI) also filed an amicus brief in support of the SEC. It said neither “investing” nor “contract” are prerequisites to finding an “Investment Contract.” NFI argues that the SEC has the authority to regulate crypto and requests the court to deny Coinbase’s motion for judgment on the pleadings.
Administrative Law Scholars, Professors Todd Phillips and Beau Baumann also filed amicus briefs in support of the SEC to deny Coinbase’s motion for judgment on the pleadings.
Coinbase requested the court to dismiss the lawsuit claiming that the SEC has no jurisdiction over the crypto industry and it interferes with recent Congress’ efforts for a crypto regulatory framework.
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