Fun

News Feed - 2023-10-11 03:10:31

Felix Ng2 hours agoSecurities regulators oppose special treatment of crypto in Coinbase caseA body representing North America’s state securities regulators took aim at arguments made by crypto exchange Coinbase in its defense against the SEC.942 Total views4 Total sharesListen to article 0:00NewsJoin us on social networksDigital assets should not be seen as “somehow special,” nor should action against Coinbase be seen as “novel or extraordinary,” argues an association of North American securities regulators.


In an Oct. 10 filing in the United States District Court for the Southern District of New York supporting the U.S. Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA) argued that digital assets need not be given any special treatment when it comes to applying securities laws.TradFi grey hairs file Amicus Curiae on behalf *drum roll* the SEC, in SEC vs. Coinbasehttps://t.co/ukeHcfcX8B

NASAA landing page screenshot and story attached. PROTECT. pic.twitter.com/DczmmRVlm5— Mikko Ohtamaa (@moo9000) October 10, 2023


In June, the SEC sued Coinbase, accusing the publicly traded crypto exchange of violating federal securities laws. Coinbase fired back, arguing that digital assets and services it provided did not qualify as securities and that the agency was overreaching.


However, NASAA general counsel Vincente Martinez argued the SEC’s position is neither “novel or extraordinary.”“The SEC’s theory in this case is consistent with the agency’s longstanding public position [...] It is also well within the bounds of established law.”


The agency argued that the SEC doesn’t have to get explicit congressional authorization before applying established law to digital assets.Howey test sufficient


One of the cornerstones of the lawsuit is expected to come from the judge’s interpretation of the Howey test, which is used to determine what qualifies as an investment contract. Coinbase has argued digital assets don’t satisfy all prongs of the test.


Martinez argued the Howey test was designed to be flexible enough to encompass all manner of technological advancements in the securities markets, including securities sold and traded on blockchains — similar to arguments previously made by the SEC.


“The Court should reject Coinbase’s attempt to narrow and misapply the established legal framework in order to avoid being subject to the same regulatory obligations as all other participants in the Nation’s securities markets,” Martinez said, adding:“The Court should decline to treat digital assets as somehow special.”Crypto impact overstated


Martinez also took a swipe at Coinbase’s argument invoking the “major questions doctrine,” which claimed executive agencies like the SEC need congressional approval when it comes to issues of major political or economic significance.


“Coinbase dubiously casts the ‘digital asset industry’ as ‘a significant portion of the American economy,’” Martinez said.


Related:SEC asks judge to reject Coinbase’s motion to dismiss lawsuit


However, Martinez said digital assets can’t be reasonably considered a significant component of the American economy as there is no practical economic use case or wide adoption of the vast majority of digital assets other than for speculation.


“With very few exceptions, digital assets are not widely accepted to pay for goods or services, nor can they be used to satisfy obligations to the government such as fees or taxes,” he wrote.


“As a class of assets, digital assets are not economically useful,” he said, adding:“Coinbase overstates both the size and significance of this ‘industry,’ particularly the portion that securities regulators oversee.”


NASAA’s submission joined the SEC in asking the judge to deny Coinbase’s attempt to dismiss the SEC lawsuit.Under the leadership of NASAA President Claire McHenry, NASAA members are advocating for investor protection in an era of technological innovation. Learn more about our legislative and regulatory priorities in this changing landscape: https://t.co/yNPvjGrUhC pic.twitter.com/4Gs5XU0NDt— NASAA (@NASAA) October 10, 2023


NASAA comprises 68 members, inclusive of securities regulators from all 50 U.S. states, along with securities regulators in Canada, Mexico and several U.S. territories.


“NASAA and its members have a substantial interest in this case,” added Martinez.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Hall of Flame: Crypto lawyer Irina Heaver on death threats, lawsuit predictions# Coinbase# Business# SEC# RegulationAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?Meet the guerilla artist who staged a crypto ‘rug pull’ in front of the SECThe economy is surging — which means it might be time to start buying Bitcoin

News Feed

Is Bitcoin in a bear market or a bull market correction?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Martin Young4 hours agoEMAX investors given third and final chance at celeb promo suitThe judge presiding over a class suit by EMAX token investors gave them a final chance to file their claims against celebrities who al
Silver Rallies 7% Rising Past $20 per Ounce, US Mint Says Fabricators Are ‘Struggling to Keep up With Demand’
Silver Rallies 7% Rising Past $20 per Ounce, US Mint Says Fabricators Are "Struggling to Keep up With Demand" On Friday, as the global cryptocurrency market cap jumped 5.4% higher
Bitcoin price uptrend ‘intact’ with hodlers 120% in profit — Research
William Suberg2 hours agoBitcoin price uptrend ‘intact’ with hodlers 120% in profit — ResearchBitcoin hodlers face “boredom and apathy” but are not engaging in mass distribution — even as the BTC price dip er
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy On Tuesday, Digital Currency Group’s (DCG) mining subsidiary, Foundry Digital
Want to Dodge Your Crypto Tax? Learn the Risks From Koinly
Want to Dodge Your Crypto Tax? Learn the Risks From Koinly sponsored In recent years, the IRS has made one thing abundantly clear – if you make money from crypto, they want t
Close to 250 Casascius Physical Bitcoins Were Redeemed in 6 Months, $1.9B in BTC Remain Active
Close to 250 Casascius Physical Bitcoins Were Redeemed in 6 Months, $1.9B in BTC Remain Active Since September 18, 2021, close to 250 Casascius physical bitcoins were redeemed over
Martin Young3 hours agoCoinbase CEO reveals top 10 crypto ideas he’s urging devs to work onFrom flatcoins to on-chain advertisements, Brian Armstrong hopes aspiring developers take the time in the bear market to build
You Can Privately Cash out Bitcoin on These P2P Exchanges – for a Premium
You Can Privately Cash out Bitcoin on These P2P Exchanges – for a Premium Using P2P exchanges to cash out bitcoin provides privacy, but it comes with a premium – a price
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education press release PRESS RELEASE. Bitcoin of America (BOA) is a popular virtua
Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day
Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day Following the U.S. Securities and Exchange Commission (SEC) charges against the social
Marcel Pechman10 hours agoBitcoin price eyes $28K as Binance legal battle spurs bullish momentumDiscover how margin and option metrics hint at Bitcoin"s path to $28,000 amid the Binance legal battle.6388 Total views136 T