Months before cryptocurrency exchange Coinbase became the biggest target of the U.S. crackdown on digital assets, the company launched an unusual legal offensive, recruiting top lawyers to try to shape court rulings in other cases.Before the U.S. Securities and Exchange Commission sued Coinbase on June 6,
Months before cryptocurrency exchange Coinbase became the biggest target of the U.S. crackdown on digital assets, the company launched an unusual legal offensive, recruiting top lawyers to try to shape court rulings in other cases.
Filing amicus briefs in the trial court is about starting"the ball rolling in the right direction" on legal issues that the amicus cares about, said Akiva Shapiro, one of the authors of the Gibson Dunn study.Spokespeople for the SEC and Coinbase both declined to comment. Paul Grewal, Coinbase's general counsel, told Reuters the day the case was filed that the company is"absolutely committed to defending itself in court."Coinbase began its broader legal push last year, after the SEC started investigating it, tapping major corporate defense law firms Gibson Dunn and Cahill Gordon & Reindel to file papers in the two cases.
The company argued the SEC has misapplied a legal test that says"an investment of money in a common enterprise with profits to come solely from the efforts of others," is a kind of security called an investment contract. The regulator has urged judges to focus on the way digital assets are marketed, pointing to promises by crypto developers that investors will profit if their projects succeed.Coinbase also argued in its brief that the SEC has not set clear guidelines that would give cryptocurrency industry participants"fair notice" that a particular digital asset is a security before suing, violating their right to due process under the U.S. Constitution.
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