Paradigm Supports Coinbase’s Case Against the SEC, Files Amicus Curiae Brief

cryptonews.com:

Paradigm is supporting Coinbase’s case against the SEC, an amicus curiae brief filed by the crypto investment firm Monday reveals.

In Monday’s briefing, Paradigm criticized the SEC’s heavy-handed regulatory approach, calling the federal agency “a regulator that is refusing to engage in regulation.”

“The SEC’s refusal to initiate a rulemaking continues its ad-hoc approach of regulation-by-enforcement, where attempts at compliance lead only to punishment,” Paradigm’s brief reads in part. “That is not a stable equilibrium.”

Translating to mean “friend of the court,” an amicus curiae brief is often filed by an individual or entity with information relevant to Coinbase’s case against the SEC that may influence the court’s decision.

The cryptocurrency investment firm’s legal saga with the SEC began in July 2022 after the crypto exchange platform asked for regulatory guidance from the federal agency regarding digital assets.

After a lengthy legal back-and-forth, the SEC went on to deny that request – prompting Coinbase to once more challenge the regulator in court, leading to the current developments in Coinbase’s case against the SEC.

Paradigm, an investor in Coinbase, previously submitted an amicus curiae brief on Coinbase’s behalf in May 2023, demonstrating the firm’s ongoing support for Coinbase’s case against the SEC.

“The SEC’s delay results in a de facto ban on digital asset trading platforms, which are instructed to register with the SEC, but are not provided a path to do so,” the technology investment company said in the 2023 court filing. “Paradigm is well-positioned to aid this court’s understanding of the important issues raised by Coinbase’s petition.”

1/ The @crypto_council just submitted an amicus brief in support of