A group of six lawyers specialist in security law and related fields friendly moment Coinbase’s favor in the ongoing legal battle against the US Securities and Exchange Commission (SEC).

A friendly briefing is a document filed in court by a person unrelated to the case.. It is often used to add arguments that support one of the parties involved and to highlight how the case will have greater impact than the parties involved.

lawyers group laid down The amicus case in the United States District Court for the Southern District of New York on August 11.

the same day, the senator Cynthia Lummis gave a friendly briefing to support the crypto exchange.

Lawyers presenting the paper, Stephen Bainbridge from the University of California, Los Angeles; Tamar Frankel from Boston University School of Law; Sean Griffith Fordham University School of Law; Lawrence Hamermesh from Widener University, Delaware School of Law; Matthew Henderson University of Chicago Law School and Jonathan Macey From Yale Law School.

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In the document, lawyers claim that federal case law and the Howey test show: investment contracts require an advance of company income, profits or assets. The group asked the Court to adhere to the legal definition. “investment contract” when interpreting its scope:

“The investor must be promised an ongoing contractual interest in the firm’s income, profits or assets because of his or her investment. We will discuss some of these situations in this section.”

Lawyers have clarified that relationships with universities or law schools are irrelevant to their involvement in the amicus file.

Translation of Matteo Carrone