United

<p><strong>A small but significant group of legal scholars decided to back Coinbase in the SEC lawsuit.</strong></p> 
<h2 style="text-align: center;" id="a-group-of-legal-scholars-stands-with-coinbase">A Group of Legal Scholars Stands with Coinbase</h2> 
<p>Six legal scholars with expertise in securities law have submitted an amicus brief <a href="https://walletinvestor.com/magazinadmin/sec-vs-coinbase-lawsuit-regulatory-challenges-and-impartiality-concerns/" target="_blank" rel="noopener noreferrer nofollow">in support of cryptocurrency exchange</a> Coinbase as it faces a legal challenge from the United States Securities and Exchange Commission (SEC). <a href="https://www.binance.com/en/feed/post/2023-08-13-legal-scholars-file-amicus-brief-in-support-of-coinbase-in-ongoing-legal-battle-with-sec-958668" target="_blank" rel="noopener noreferrer nofollow">Their goal is to back</a> Coinbase by advocating for the established meaning of “investment contract.”</p> 
<h2 style="text-align: center;" id="supporting-coinbase-s-case-with-an-amicus-brief">Supporting Coinbase’s Case with an Amicus Brief</h2> 
<p>An amicus brief, a document that parties not directly involved in a case can file, has been presented to the U.S. District Court for the Southern District of New York by legal scholars. This brief underscores the broader implications of Coinbase’s legal situation and provides additional arguments in support of the company.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">SEC v. Coinbase, Big Update:</p> 
 <p>Six Securities Law Scholars File Devastating Amicus Brief in Support of <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Coinbase</a>.</p> 
 <p>Law Professors from Yale, Univ. of Chicago, UCLA, Fordham, Boston University and Widener filed an amicus brief last night that Absolutely Shreds the SEC’s…</p> 
 <p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1690355411373772800?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2023</a></p> 
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="legal-experts-backing-coinbase">Legal Experts Backing Coinbase</h2> 
<p>The scholars who have submitted the amicus brief include:</p> 
<ul> 
 <li>Stephen Bainbridge from the University of California, Los Angeles</li> 
 <li>Tamar Frankel from Boston University School of Law</li> 
 <li>Sean Griffith from Fordham University School of Law</li> 
 <li>Lawrence Hamermesh from Widener University, Delaware Law School</li> 
 <li>Matthew Henderson from the University of Chicago Law School</li> 
 <li>Jonathan Macey from Yale Law School</li> 
</ul> 
<h2 style="text-align: center;" id="upholding-the-legal-definition">Upholding the Legal Definition</h2> 
<p>These legal experts assert that existing federal precedents and the Howey test, which assesses investment contracts, recognize the need for an anticipation of business income, profits, or assets. The scholars urge the court to remain faithful to the already established legal definition of an “investment contract.” According to their viewpoint:</p> 
<blockquote> 
 <p>An investor must be promised, by virtue of his or her investment, an ongoing contractual interest in the income, profits, or assets of the enterprise.</p> 
</blockquote> 
<h2 style="text-align: center;" id="additional-backing-from-senator-lummis">Additional Backing from Senator Lummis</h2> 
<p>Coinbase’s cause receives further support as Senator Cynthia Lummis also submits an amicus brief on the same day.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Senator Cynthia Lummis (R. WY) just filed an Amicus Brief supporting <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Coinbase</a>‘s motion to dismiss the SEC’s complaint.<a href="https://twitter.com/SenLummis?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SenLummis</a> is Co-Sponsor of the Lummis-Gillibrand crypto regulation bill.</p> 
 <p>Sen. Lummis’ brief argues that:</p> 
 <p>1. Congress has not granted the SEC authority to…</p> 
 <p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1690133309345460224?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 11, 2023</a></p> 
</blockquote> 
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<h2 style="text-align: center;" id="separating-academia-from-advocacy">Separating Academia from Advocacy</h2> 
<p>The legal scholars emphasize that their connections with universities and law schools do not impact their involvement in the amicus brief. They stand by their support of Coinbase based on their legal expertise.</p> 
<h2 style="text-align: center;" id="summary">Summary</h2> 
<p>A group of legal scholars has stepped forward to support Coinbase in its legal dispute with the SEC. By filing an amicus brief, they emphasize the significance of upholding the established understanding of “investment contract” and assert that this approach aligns with existing legal precedents. Senator Lummis has also offered her support, demonstrating the growing attention this case is receiving. The scholars’ involvement is solely based on their legal insights and should not be tied to their affiliations with educational institutions.</p>

Legal Scholars Support Coinbase in SEC Legal Battle

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