 | An amicus brief (stands for “friend of the court") is information offered by a third party to assist the court. It explains in great detail the workings of wallets and staking. The core arguments consist of: Coinbase, similar to any other wallet application dev, does not act as a broker through “Wallet”; and - Coinbase’s “Staking Program” provides an administrative service to users and does not = a securities offering. It highlights just how outrageous and misplaced the SEC's claim of broker activity actually is by explaining “there is no basis for finding that Coinbase acts as an intermediary between users and the securities markets,” the hallmark of broker activity. They also continue explain wallet and how coinbase is not “effecting transactions in securities for the account of others.” Its long but recommend a read. https://www.defieducationfund.org/_files/ugd/84ba66_4abb5908e423437e8878225921340ef0.pdf [link] [comments] |
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