Blockchain Association (BA) and Crypto Council for Innovation (CCI) filed a joint amicus brief along with the Chamber of Progress and Consumer Technology Association in the Securities and Exchange Commission’s enforcement action against Coinbase. The joint brief highlights why the SEC’s interpretation of “investment contract” and regulation by enforcement strategy to asset jurisdiction over nearly all digital assets is a major question that requires Congress – instead of the SEC – to act.

The following statement is attributed to Marisa Coppel, Blockchain Association Senior Counsel:

“We are proud to support Coinbase in their dispute with the SEC, as the Commission attempts to hobble the American digital asset ecosystem through overzealous enforcement actions and vastly expand their own regulatory power without requisite approval from Congress. Deciding the limits of an agency’s authority as to decisions of great economic and political significance is a job for our elected representatives, not the SEC through its attempts to unilaterally expand its statutory powers.”

Source: Blockchain Association