Ripple CTO reacts to latest development in Coinbase SEC lawsuit RippleXRP XRPCommunity XRPArmy XRP
took a big leap forward in its ongoing legal tussle with the SEC when notable individuals and organizations joined the case as amici.
U.S. lawmaker Cynthia Lummis, the Blockchain Association, the Crypto Council for Innovation, the Chamber of Digital Commerce, the DeFi Education Fund, the Chamber of Progress, the Consumer Technology Association, Andreessen Horowitz, Paradigm and six law professors have filed amicus briefs in the Coinbase lawsuit.
Paul Grewal, Coinbase's chief legal officer, expressed his gratitude, saying that the briefs will aid the Court in understanding the SEC's legal errors." draws attention to a"devastating" amicus brief in support of Coinbase prepared by six securities law scholars, highlighting a big update in the case.This group includes law professors from Yale, the University of Chicago, UCLA, Fordham, Boston University and Widener University.
According to MetaLawMan, the amicus brief masterfully follows the history of the definition of"investment contract" before, during and after the enactment of the federal Securities Act in 1933.'s"investment contract" theory and deals a big blow to its contention that crypto tokens traded on secondary markets are investment contracts.
I think the weakest point in that brief is that they don't do a good job of addressing the holding in Joiner. But at most, Joiner says that if a reasonable buyer could have thought that they had enforceable, contractual rights, that can be sufficient.
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