An association of state securities regulators has filed an amicus brief in support of the U.S. Securities and Exchange Commission’s (SEC) case against Coinbase (NASDAQ: COIN), accusing the exchange of attempting 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.”
This time is different, however. The brief was filed by the North American Securities Administrators Association (NASAA), which comprises the securities regulators from all 50 states as well as regulators in D.C., Puerto Rico, the U.S. Virgin Islands, and Guam. They say that contrary to bleating from Coinbase and the other digital asset companies in the SEC dock, the SEC’s position (that Coinbase’s staking program and at least thirteen of its listed digital assets are securities) is neither ‘novel’ nor ‘extraordinary’ under U.S. securities laws.
‘Enforcement 40’ for 2020
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