The North American Securities Administrators Association (NASAA), representing state securities regulators in North America, has challenged arguments made by cryptocurrency exchange Coinbase in its defense against the U.S. Securities and Exchange Commission (SEC). NASAA argues that digital assets should not be treated as “special” and that actions taken against Coinbase should not be considered “novel or extraordinary.”
In June, the SEC filed a lawsuit against Coinbase, alleging violations of federal securities laws. Coinbase argued that its digital assets and services did not meet the criteria for securities, contending that the SEC was overstepping its authority. However, NASAA has submitted a filing in support of the SEC’s position, stating that there’s no need to treat digital assets differently when applying securities laws.
NASAA’s submission aligns with the SEC’s position, urging the judge to reject Coinbase’s attempt to dismiss the lawsuit. NASAA represents 68 members, including securities regulators from all 50 U.S. states and securities regulators in Canada, Mexico, and several U.S. territories.
The SEC has recently argued that cryptocurrencies have no inherent value in its case against Coinbase, a view that has sparked debate and skepticism from Coinbase and crypto observers.
In response to Coinbase’s motion to dismiss the lawsuit, the SEC contends that cryptocurrency trading can constitute an investment contract. It argues that the value of digital tokens is derived from underlying value and not intrinsic to the token itself.
By FCCT Editorial Team
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