The Securities and Exchange Commission (SEC) lawsuit against Coinbase hinges on an interpretation of securities law that conflicts with logic established a century ago, according to several legal scholars who weighed in on the case on Friday.

The group of six—including law professors at Fordham Law School, Yale Law School, and the University of Chicago Law—penned an amicus brief in support of Coinbase that said the term “investment contract” has a more limited scope than the SEC believes.

In their joint filing, the scholars said their affiliations with some of the country’s top law schools are included for identification purposes only; and that they are not speaking for their respective institutions. Still, their amicus brief aims to influence how the SEC’s lawsuit will be decided by providing subject expertise.

The SEC sued Coinbase in June, alleging the firm operates as an unregistered broker, clearinghouse, and exchange. Foundational to those claims is the agency’s belief that at least 13 cryptocurrencies that are traded on the platform are unregistered securities.

In highlighting the tokens, the SEC said token sales comprise

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Author: André Beganski

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