Amicus briefs were submitted from a variety of industry participants on Friday in support of Coinbase’s efforts seeking dismissal of a Securities Exchange Commission (SEC) complaint.
The request for dismissal had originally been filed by the company on August 4.
This was an extraordinarily well-coordinated effort, undoubtedly led by Coinbase, and includes the participation of a member of Congress.
Below is a list of the briefs as well as commentary by participants and others.
Congress
Senator Cynthia Lummis (R, WY) with the help of law firm Jenner & Block: Download it (PDF)
Commentary: “Sen. Lummis’ brief argues that: 1. Congress has not granted the SEC authority to regulate crypto assets. 2. Defining the contours of crypto regulation in this country is a job for Congress and not the SEC. 3. The SEC’s claim that virtually all crypto assets are securities ‘exceeds the SEC’s authority, encroaches on Congress’s lawmaking, and contravenes the separation of powers.’ And putting a new spin on the ‘regulation-by-enforcement’ term, Senator Lummis declares that ‘the SEC cannot legislate by enforcement.'” – See Tweet on X from James Murphy, securities lawyer, Murphy & McGonigle.