The SEC charged Coinbase with acting as a national securities exchange, a broker and a clearing agency with respect to transactions in thirteen identified crypto-assets, which the SEC contended were “securities” as understood under federal securities law, in violation of Sections 5, 6,15(a) and 17A(b) of the Securities Exchange Act of 1934, and of offering and selling securities without a registration statement in violation of Sections 5(a) and 5(c) of the Securities Act of 1933.
On August 11, 2023, DEF filed an amicus brief in the Southern District of New York supporting Coinbase’s motion for judgment on the pleadings, arguing that (1) the SEC’s application of securities laws to digital assets is inappropriate and stifles innovation and that (2) the SEC’s approach lacks clear guidelines, creating uncertainty for the industry.
Status: DeFi Victory