- Legal scholars, venture capitalists, and #blockchain advocates file amicus briefs supporting Coinbase against SEC.
- Briefs challenge SEC's interpretation of "investment contract," warn of consequences for crypto industry.
- US Chamber of Commerce previously filed brief, highlighting economic harm caused to Coinbase and broader #business community.
- SEC sued Coinbase in June for failure to register, experts argue SEC's interpretation is too broad.
- Prominent #law scholars call for examination of tokens on platforms like Coinbase as unregistered securities.
- Senator Cynthia Lummis argues SEC's overreach violates Constitution, hinders Congressional oversight.
- Venture capital firms express concerns about broader implications and #innovation hindrance.
- Blockchain advocates including Crypto Council for Innovation, Blockchain Association, and others emphasize damage to entrepreneurial initiatives.
- Growing amicus briefs reflect pressure on SEC, potential impact on #crypto regulation and innovation.
- Legal battle's outcome will significantly shape future of crypto regulation and industry innovation.