The North American Securities Administrators Association (NASAA) backed the SEC and argued that the Coinbase case was within the limits of the law.
US Securities and Exchange Commission (SEC) June cryptocurrency exchange in month to Coinbase The lawsuit he filed brought about serious discussions. Coinbase argued that the case should be dismissed and that this case was outside the SEC’s jurisdiction. Finally, the SEC requested that the request to dismiss the case be rejected.
But NASAA’s opinion was not in this direction. Organisation, 10 October filed a brief supporting the SEC in the U.S. District Court for the Southern District of New York on . Targeting the arguments put forward by Coinbase in its defense against the SEC, the agency said that this case was not subject to any There is nothing extraordinary about it and the SEC within the limits of law He claimed that he acted.
It is used to understand whether a product offered to the markets is a security or not. howey of the test A clear one for the SEC compass NASAA claims that all trump cards are in favor of the regulatory body He emphasized that it was. NASAA recommended that the court hearing the Coinbase-SEC case refrain from giving special treatment to cryptocurrencies.
NASAA general counsel Vincente Martinez He made the following statements in his statement on the subject:
The SEC’s theory in this case is consistent with the agency’s longstanding public position. It is also within the boundaries of established law. The court should refuse to give any form of special treatment to cases involving cryptocurrencies.
General counsel Martinez: Cryptocurrencies as an asset class It is not economically beneficial While highlighting Coinbase “Cryptocurrencies make up the majority of the US economy” He argued that he should give up such a high-profile theory.