The amicus brief supports Coinbase's challenge of the SEC’s denial of its rulemaking petition.
Alternative managers would lose customer protections and be excluded from IPOs.
Trade groups filed an opening brief in the U.S. Court of Appeals for the Fifth Circuit.
The trade body is supporting litigation from the American Securities Association and Citadel against the SEC.
The brief said the Fed's actions against the digital asset ecosystem have threatened the dual banking system.
SEC also charged Pawan Passi, former head of the equity syndicate desk.
Trade bodies said the new rules apply contradictory approaches to two aspects of the same transaction.
London courts dismissed all claims re events in the nickel market last year.
The brief argues that Congress intended for private funds to be regulated differently than retail funds.
