A consortium of blockchain advocacy groups has joined forces to argue that the Securities and Exchange Commission’s lawsuit against Coinbase is an attempt to “usurp Congress’s authority” and that the judge overseeing it should grant the company’s motion to have the case dismissed.

In June, the SEC sued Coinbase for selling and trading securities on its platform, despite never registering as a securities exchange. Some of those alleged “securities” include top crypto assets like Cardano (ADA), Solana (SOL), and Polygon (MATIC), among others.

The letter requests that the court “grant Coinbase judgement on the pleadings” echoing the company’s prior argument that the SEC has no broad regulatory claim over the crypto sector to begin with.

“The statutory text, history, precedent, and common sense all foreclose the SEC’s attempt to rewrite the definition of ‘investment contract’ to reach digital asset sales unaccompanied by any ongoing contractual obligations,” wrote the group.

The amici curiae to publish the letter include the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Technology Association.

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Author: Andrew Throuvalas

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