Pro-crypto lobbying group Blockchain Association has filed an amicus brief in support of Coinbase in its legal battle with the U.S. Securities and Exchange Commission (SEC).
The SEC is suing Coinbase for allegedly operating as an unregistered securities exchange, broker and clearing agency.
The regulator claims that at least 13 crypto assets supported by the trading platform are illegally being offered as securities, but Coinbase argues that the digital assets are not investment contracts and therefore should not be deemed as securities.
In a filing submitted to the U.S. District Court for the Southern District of New York on August 11th, the Blockchain Association says it supports Coinbase’s argument, adding that Congress did not grant the SEC regulatory authority over the digital assets industry.
“Amici fully agree with those arguments, and submit this brief to emphasize that the rapidly expanding market in digital assets is a major development and the major questions doctrine forecloses the SEC’s effort to arrogate to itself massive powers that Congress has never clearly granted it.”
The Blockchain Association says the SEC is asserting authority not granted through the legislative process when it uses its own interpretation of investment contracts and securities.
“The SEC is now trying to short-circuit the legislative process and seize the power to resolve for itself questions of massive economic and political importance…
The SEC’s attempt to seize that expansive authority for itself without clear congressional authorization, and contrary to its own past representations about the scope of its powers, must be rejected.”
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