Coinbase vs US SEC: Attorneys representing defendant Coinbase against the U.S. Securities and Exchange Commission (SEC) submitted a response to the amicus brief in support of the SEC by the North American Securities Administrators Association (NASAA). Coinbase prepares to challenge the SEC and its amicus curie in January’s oral arguments.
Coinbase Responds to SEC’s Amicus NASAA
Last week, Judge Katherine Failla approved an amicus brief by the North American Securities Administrators Association (NASAA) for consideration in the U.S. SEC v. Coinbase lawsuit. The NASAA alleges Coinbase has violated securities law and asked the court to reject Coinbase’s motion for judgment on the pleadings.
William Savitt, one of the top U.S. attorneys representing Coinbase, submitted a response to an amicus brief filed by the NASAA, claiming the arguments by the NASAA are supported by decades-old case law, similar to SEC’s argument. Coinbase has conferred with the SEC about the need for new rules and regulations regarding new technologies, arguing that decade-old laws are not proper for crypto.
“Like the SEC’s positions, the NASAA’s arguments are foreclosed by statutory text and eight decades of case law.”
Coinbase looks forward to the January 17 oral argument date to challenge the SEC and the NASAA. Attorneys for Coinbase requested the court to grant an order for judgment on the pleadings.
Defendant had requested the court to dismiss the lawsuit claiming that the SEC has no jurisdiction over the crypto industry, and interferes with recent U.S. Congress’ efforts for a crypto regulatory framework.
Meanwhile, Coinbase looks to make the final push to prove that SEC arguments are irrational, neither crypto listed by the exchange nor its crypto staking are securities.
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