The North American Securities Administrators Association has filed an amicus brief supporting the SEC in its case against crypto exchange Coinbase.
A body representing North America’s state securities regulators took aim at arguments made by crypto exchange Coinbase in its defense against the SEC.Digital assets should not be seen as “somehow special,” nor should action against Coinbase be seen as “novel or extraordinary,” argues an association of North American securities regulators.in the United States District Court for the Southern District of New York supporting the U.S.
The agency argued that the SEC doesn’t have to get explicit congressional authorization before applying established law to digital assets., which is used to determine what qualifies as an investment contract. Coinbase has argued digital assets don’t satisfy all prongs of the test. “The Court should reject Coinbase’s attempt to narrow and misapply the established legal framework in order to avoid being subject to the same regulatory obligations as all other participants in the Nation’s securities markets,” Martinez said, adding:invoking the “major questions doctrine,” which claimed executive agencies like the SEC need congressional approval when it comes to issues of major political or economic significance.
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