U.S. state regulators intervene in Coinbase unregistered securities case

ChainCatcher News, regulatory agencies and legal experts from various states in the U.S. have intervened in the case where the Securities and Exchange Commission (SEC) is suing Coinbase. According to newly submitted documents, the newly involved parties believe that, aside from speculation, the vast majority of digital assets lack defined or widely adopted practical economic use cases, and that cryptocurrencies are neither significant nor special, allowing the SEC to regulate digital assets under existing laws.

Additionally, two legal experts pointed out that Coinbase's citation of legal principles that prevent government agencies from making significant economic interventions without explicit congressional authorization is incorrect, as the Coinbase case involves enforcement against a specific company rather than the establishment of quasi-legislative rules. The SEC is far from claiming new powers to regulate the "national economy," but has instead filed specific complaints in federal court.