{"id":350101,"date":"2023-10-11T18:50:06","date_gmt":"2023-10-11T13:20:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=350101"},"modified":"2023-10-11T18:44:49","modified_gmt":"2023-10-11T13:14:49","slug":"sec-finds-support-in-its-battle-against-coinbase-details-here","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/sec-finds-support-in-its-battle-against-coinbase-details-here\/","title":{"rendered":"SEC finds support in its battle against Coinbase, details here"},"content":{"rendered":"<ul>\n<li><em>The groups to file these briefs batting for the SEC against Coinbase are NASAA, NFI, and some legal scholars.<\/em><\/li>\n<li><em>The briefs emphasized regulators like the SEC can implement existing laws in emerging financial situations. <\/em><\/li>\n<\/ul>\n<p>In an interesting turn of events, three amicus briefs have recently been filed that support the U.S. Securities and Exchange Commission (SEC)\u00a0in its ongoing lawsuit against Coinbase [COIN].<\/p>\n<p>The securities regulator <a href=\"http:\/\/ambcrypto.com\/sec-sues-coinbase-will-these-tokens-get-caught-in-the-crossfire\/\" target=\"_blank\" rel=\"noopener\">sued<\/a> the crypto exchange in June, alleging it violated securities law by working as an unregistered broker-dealer. Coinbase, in response, <a href=\"http:\/\/ambcrypto.com\/coinbase-slams-secs-overreach-in-latest-filing\/\" target=\"_blank\" rel=\"noopener\">disputed<\/a> all allegations. It asked the court to dismiss the SEC\u2019s lawsuit, claiming the regulator has no jurisdiction over the crypto industry.<\/p>\n<p>The three groups to file the latest amicus curiae are the North American Securities Administrators Association (NASAA), the New Finance Institute (NFI), and the Administrative Law Scholars.<\/p>\n<h4>What do these amicus briefs contend?<\/h4>\n<p>The NASAA is an association of securities regulators in the U.S., Canada, and Mexico. Former SEC officials, including former Chair Mary Jo White and Commissioner Robert Jackson Jr., have <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.599908\/gov.uscourts.nysd.599908.77.0.pdf\" target=\"_blank\" rel=\"noopener\">filed<\/a> the brief on behalf of the NASSA. It argued that U.S. Congress has defined \u201csecurity\u201d broadly enough to regulate investments, in whatever form.<\/p>\n<p>Under securities laws, crypto assets mentioned in the SEC\u2019s enforcement action against Coinbase are considered investment contracts. Its staking program constituted an investment contract.<\/p>\n<p>It is not only the SEC\u2019s public position but also that of other state securities regulators around crypto assets, the brief contended.<\/p>\n<p>The NFI is a finance-related public benefit corporation which also <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.599908\/gov.uscourts.nysd.599908.75.0.pdf\" target=\"_blank\" rel=\"noopener\">filed<\/a> an amicus brief. It claimed neither \u201cinvesting\u201d nor \u201ccontract\u201d are prerequisites to an \u201cInvestment Contract.\u201d It also argued the SEC has the authority to regulate crypto assets.<\/p>\n<p>The brief requested the court to deny Coinbase\u2019s motion for judgment on the pleadings.<\/p>\n<p>Todd Phillips, an assistant professor of law at the J. Mack\u00a0Robinson College of Business at Georgia State University, and Beau Baumann, a doctoral candidate at Yale Law School, <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.599908\/gov.uscourts.nysd.599908.78.0.pdf\" target=\"_blank\" rel=\"noopener\">filed<\/a> the third amicus brief on behalf of the Administrative Law Scholars.<\/p>\n<p>The third brief centered on the \u201cmajor questions doctrine.\u201d It means that the Congress must clearly specify if it wants an authority to have power over key economic or political matters, rather than implying such authority in law.<\/p>\n<p>Highlighting recent Supreme Court verdicts, the brief emphasized that any attempt by Coinbase to redefine or curtail the doctrine\u2019s interpretation might be surpassing its limits.<\/p>\n<p>The briefs emphasized that regulators such as the SEC can implement existing laws in emerging financial situations. In fact, the delays in eliciting explicit orders from the Congress impede regulatory efficacy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three amicus curiae have recently been filed that support the SEC\u00a0in its ongoing lawsuit against Coinbase.<\/p>\n","protected":false},"author":70,"featured_media":350115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[],"class_list":["post-350101","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEC finds support in its battle against Coinbase, details here - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Three amicus briefs have recently been filed that support the SEC\u00a0in its ongoing lawsuit against Coinbase.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/sec-finds-support-in-its-battle-against-coinbase-details-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC finds support in its battle against Coinbase, details here - 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