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Key points:
- The Blockchain Association has filed an amicus brief in support of Kraken in the SEC lawsuit.
- The association questions the SEC’s autocratic authority over cryptocurrencies, urging the court to dismiss their lawsuit against Kraken.
- Marisa Tashman Coppel, the association head, shares her support for Kraken and objection to the SEC’s tyrannical rule.
The Blockchain Association, a non-profit organization functioning as a collective voice in the crypto space, recently filed an amicus brief in support of Kraken in the SEC lawsuit. Addressing the legal case’s impact on the entire crypto sphere, the association questioned the Securities and Exchange Commission’s (SEC) autocratic authority.
1/ Today, Blockchain Association and @fund_defi filed an amicus brief in Securities and Exchange Commission vs. Payward, Inc. (Kraken), in support of the Defendant’s motion to dismiss.https://t.co/xOHN9K309P
In November 2023, the SEC filed a lawsuit against Kraken for allegedly operating as an unregistered securities exchange, broker, dealer, and clearing agency. However, in February 2024, Kraken approached the court to dismiss the lawsuit, claiming that none of the assets mentioned by the regulators were securities. The exchange also shared concerns about the SEC’s jurisdictional overreach.
In their filing, the Blockchain Association urged the court to accept the exchange’s request to dismiss the lawsuit and “reject the SEC’s attempt to improperly expand its jurisdiction.” The association, in their X post, added,
“The brief critiques the SEC’s attempt to regulate digital assets beyond its authority granted by Congress. The agency’s inconsistent stance on investment contracts lacks legal precedent and is creating widespread confusion in the industry.”
Marisa Tashman Coppel, the head of the Blockchain Association, shared her immense support for Kraken and strong objection to the SEC’s tyrannical authority over cryptocurrencies. She shared insights on the association’s amicus brief filing supporting the defendant’s motion to dismiss the SEC’s allegations.
Recently, the Chamber of Digital Commerce, a blockchain advocacy group, filed an amicus curiae, challenging the SEC’s lawsuit against the crypto exchange. The filing intended to limit the agency’s enforcement regulation over the crypto sector. The group also criticized the SEC’s approach to regulation as “aggressive,” adding that their inclusion of securities law in crypto regulation is “wrong as a matter of law.”
Read More: Blockchain Association Urges Court to Dismiss SEC-Kraken Lawsuit
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