The Blockchain Association filed an amicus brief Feb. 13 in the United States Securities and Exchange Commission (SEC) case against former Coinbase (NASDAQ:) Global product manager Ishan Wahi and his associates. The advocacy group expressed its support for the defendants’ argument for dismissal, where they claimed the SEC had exceeded its authority in the case. The case alleging unregistered securities sales of nine tokens is being heard in the U.S. District Court of Western Washington.
Calling the case “the latest salvo in the SEC’s apparent ongoing strategy of regulation by enforcement in the digital assets space,” the amicus curiae, or “friend of the court,” brief noted that the SEC declared nine tokens to be securities, with no prior findings. The brief stated:
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