a16z Crypto and Paradigm submit amicus brief in Coinbase lawsuit

ChainCatcher news, a16z Crypto and Paradigm jointly submitted an amicus brief regarding the SEC's lawsuit against Coinbase.

The brief states that the SEC's overregulation, along with the unpredictability and arbitrariness of its actions, threatens the development of blockchain technology in the United States. Although the SEC claims that every token is part of an investment contract, they have exceeded the defined scope.

Furthermore, the SEC's stance on cryptocurrencies could undermine the stability of the economic sector, as it would bring ordinary transactions of assets and collectibles that no one considers to be securities under its jurisdiction. Finally, the SEC is currently exceeding Congress in the regulation of digital assets, and doing so will hinder digital asset technology rather than promote its safe development.