Several US state attorneys general and pro-crypto factions have lodged amicus briefs opposing the Securities and Exchange Commission’s (SEC) case against Kraken.
Montana, others brief against SEC
On Feb. 29, a coalition of state attorneys general from Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio, South Dakota, and Texas jointly submitted a brief that does not support either party but challenges the SEC’s stand in the case.
An analysis of the filing by Paul Grewal, Coinbase Chief legal officer, pointed out that the states alleged that the “SEC’s ‘ecosystem’ theory was unlawful and in fact a danger to their citizens.”
He said:
“[The] States have a strong interest in preventing the potential preemption of consumer protection and other state laws by the SEC’s attempt to regulate crypto assets as securities.”
The lawyer further highlighted that numerous states have established legal frameworks treating digital assets like money transmitters. According to him, suc
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