Coinbase’s Allies Join Crypto Firm’s Case Against U.S. SEC

Several allies joined Coinbase Inc. (COIN) in its court fight against the U.S. Securities and Exchange Commission (SEC) to force the agency to rethink its refusal to write specific rules to govern the crypto industry, with Paradigm, the Crypto Council for Innovation and others filing outside arguments with the circuit court.

A lawyer for Paradigm argued in a friend-of-the-court filing on Monday that the SEC is trying to treat crypto as if it comes from the old financial system the agency is accustomed to, in which a firm issues a security and should be responsible for informing the public about it. That’s not a simple task for a crypto project that doesn’t have a base of operations, a dedicated staff or a central source of management, the crypto investment firm contended.

Source: Coinbase’s Allies Join Crypto Firm’s Case Against U.S. SEC