The Chamber of Digital Commerce has taken to Twitter to make a significant announcement about its involvement in the ongoing legal case concerning the Securities and Exchange Commission (SEC) and Coinbase.
This noteworthy action involves the submission of an “amicus curiae” brief as part of the organization’s active participation in the lawsuit. The Chamber’s main objective, as openly expressed, is to challenge the SEC’s attempt to regulate the digital asset industry without the proper legislative authority.
What’s an Amicus Brief?
In a legal context, an amicus brief, also referred to as a “friend of the court” brief, is a formal document presented by a person or group who isn’t directly involved in the case but holds a vested interest in its outcome. The purpose of this brief is to offer additional information, expertise, or viewpoints to the court, aiming to assist the judges in making a more well-informed decision.
Key Points to Know
In response to this tweet, Attorney Bill Morgan has highlighted a specific aspect from the amicus brief submitted by the Chamber of Digital Commerce. He notes that the Chamber cites a particular section of the Torres decision in relation to the amicus brief filed in the Coinbase case.
In this amicus brief in the Coinbase matter the CDC refers to the passage in the Torres decision in which she refers to digital assets being stand alone commodities, as well as the more direct comment Judge made about XRP nor been an investment contract /1 https://t.co/JMCyTA8x6W pic.twitter.com/JNNQoPQR1S
— bill morgan (@Belisarius2020) August 12, 2023
This part highlights the judge’s view that digital assets can be treated as separate commodities, meaning they have value on their own without needing to be tied to anything. It also highlights a direct comment by a Judge stating that XRP isn’t an investment contract.
The Terraform Case Crops Up – Again!
Additionally, Morgan points out that the amicus brief includes a reference to the Terraform case. This reference indicates that Judge Rakoff’s comments, in that case, align with the idea that digital assets might not always be categorized as securities. In other words, the Judge’s statements support the perspective that digital assets, like cryptocurrencies, may not always fall under the legal definition of securities.
There is also a citation from Terraform case which shows that Judge Rakoff made comments consistent with the notion that digital assets themselves may not be securities /2 pic.twitter.com/4ds1sAc5Qw
— bill morgan (@Belisarius2020) August 12, 2023
As CDC files an amicus brief and stands with Coinbase, the crypto community unites in seeking regulatory clarity from the SEC on digital assets.
Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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