Leading law professors file amicus brief in support of Coinbase
Leading law professors file amicus brief in support of Coinbase
Cryptocurrency exchange Coinbase has received support from leading law professors in its fight against the U.S. Securities and Exchange Commission (SEC).
Six professors who are experts in securities law have filed an amicus brief in support of cryptocurrency exchange Coinbase in its legal battle with the SEC.
The amicus is intended to help the court understand the history of U.S. securities laws, CoinGape reported.
The scholars and professors supporting Coinbase are Stephen M. Bainbridge of the University of California at Los Angeles, Tamar Frankel of Boston University, Sean J. Griffith of Fordham Law School, Lawrence Hamermesh of Widener University, M. Todd Henderson of the University of Chicago Law School, and Jonathan R. Macey of Yale Law School.
The lawyers argued that under the Howey* test, federal courts recognize that "investment contracts" involve an expectation of income, profits, or assets of the enterprise. In addition, when reviewing a case, a court must adhere to the meaning of the term "investment contract" when interpreting it.
The professors also testified that the institutions in which they work have nothing to do with the amicus brief.
* - The Howey test is a list of criteria for determining whether an asset has the characteristics of a security and constitutes an "investment contract."
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