Amicus Briefs Rally Behind Coinbase in SEC Case

Multiple associations, industry bodies, and crypto asset policy leaders have filed amicus curiae briefs supporting Coinbase in the Coinbase vs. US Securities and Exchange Commission (SEC) case.

In the most recent development, the Chamber of Digital Commerce has filed an amicus curiae brief against the SEC’s regulatory excess.

On August 22, Brianna A. Perez, an attorney with McDermott Will & Emery, filed an amicus curiae brief on behalf of the Chamber of Digital Commerce.

The Chamber of Digital Commerce endeavors to end the SEC’s efforts to regulate the industry through aggressive enforcement actions rather than clear guidance, laws, or regulations.

The Chamber of Digital Commerce asserts that the SEC inhibits digital asset innovation in the United States.

In addition, it asks the court to dismiss the lawsuit while the U.S. Congress considers digital asset legislation.

In addition, Congress has not granted the SEC the authority to regulate the digital asset industry or designate most digital assets as securities.

Recent amicus briefs supporting Coinbase were filed by the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, Consumer Technology Association, Andreessen Horowitz, Paradigm, and Senator Cynthia M. Lummis.

Coinbase has filed a motion asking the court to dismiss the SEC’s lawsuit. It asserts that the regulator exceeds its regulatory authority and supervision.

Since Coinbase is the largest regulated exchange and multiple Bitcoin ETFs list Coinbase as their surveillance-sharing partner, the lawsuit against Coinbase is crucial for the cryptocurrency industry.