According to Cointelegraph, a group of six legal scholars involved in securities law and related fields submitted an amicus brief supporting Coinbase, a crypto exchange. It is expected that they will be supporting Coinbase in its legal battle against the United States Securities and Exchange Commission (SEC).
Sources revealed that the group of legal scholars filed the amicus brief in the U.S. District Court for the Southern District of New York on August 11, 2023, Cointelegraph added.
“An investor must be promised, by virtue of his or her investment, an ongoing contractual interest in the income, profits, or assets of the enterprise. In this section, we discuss some of these cases,” Cointelegraph explained.
Furthermore, it is believed that the legal scholars mentioned that their affiliations with universities or law schools are not related with the amicus brief, Cointelegraph concluded.
(With insights from Cointelegraph)