Coinbase Exchange filed a legal brief supporting Beba Collection and the DeFi Education Fund in their SEC complaint.
Coinbase Global Inc., an American cryptocurrency trading platform, is not relenting in its criticism of the US Securities and Exchange Commission (SEC) for its enforcement strategies. The firm has recently submitted an Amicus Brief on behalf of DeFi Education Fund and Beba in its most recent endeavor.
The Key Points of the Coinbase Amicus Brief
The US SEC is conducting a war against legitimate American companies, as Coinbase CLO Paul Grewal has highlighted. The legal veteran asserts that the market regulator cannot determine the law’s validity.
The exchange explicitly disputes the regulator’s assertions that either Beba or DeFi Education Fund violated Federal Securities laws through this Amicus Brief. The SEC and exchange’s litigation is still pending in court, which underscores the organization’s dedication to providing support to other Web3 companies that are facing comparable regulatory challenges.
Coinbase asserted in its Amicus Brief that the US SEC has provided varying responses to the same query in various instances. For example, in 2018, the exchange stated that the regulator had determined that the digital asset was not a security. Nevertheless, it reversed its stance in 2021, asserting that digital assets are investment contracts.
The exchange supported Beba and DeFi Education Fund due to the regulator’s refusal to provide the necessary clarification.
Crypto firms are united in their opposition to the United States Securities and Exchange Commission (SEC)
Several crypto firms anticipate a potential lawsuit from the regulator despite the ongoing dispute between the Beba and DeFi Education Fund.
OpenSea was issued a Wells Notice by the US Securities and Exchange Commission earlier this year. The Gary Gensler-led watchdog asserted that the Non-Fungible Tokens (NFTs) it hosts on its platform are investment contracts. The company has pledged to challenge the regulator in court if necessary rather than accepting the verdict.
A Wells Notice was issued to Robinhood and Uniswap as part of the SEC’s regulatory campaign. In the event of a lawsuit, neither organization has expressed any intentions to negotiate a settlement. This implies that the likelihood of a situation akin to Coinbase versus SEC increasing in the future results from any regulations modifications.
