Morrison Cohen Files Important Amicus Brief on Behalf of Blockchain Association in Cryptocurrency Insider Trading Matter
On February 13, 2023, Morrison Cohen, on behalf of client Blockchain Association, filed an amicus curiae brief in an important digital assets case pending in the Western District of Washington. In the amicus, Blockchain Association, a Washington, D.C.-based crypto lobbying organization, stated that the SEC is attempting to create a “chilling effect” on the blockchain industry by labeling nine tokens at the center of an insider trading case as securities. It stated that the SEC is engaging in “absentee enforcement,” as the token creators are not linked to the case and cannot intervene or be otherwise meaningfully heard.
As Morrison Cohen’s brief states, “Such behavior is improper for a government agency, and is irreconcilable with due process concerns.” The brief thoroughly details how digital asset laws and prior haphazard guidance and regulation by enforcement by the SEC make the U.S. a difficult jurisdiction for the digital assets industry.
Read more about this significant filing on Coindesk.
Jason Gottlieb, Michael Mix and Ally Wang filed the proposed amicus brief, attached.
Contacts
- Jason P. Gottlieb Partner & Chair, Digital Assets; Chair, White Collar and Regulatory Enforcement
- jgottlieb@morrisoncohen.com
- Michael Mix Partner
- mmix@morrisoncohen.com
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Our Digital Assets Group represents some of the largest and most significant names in the sector, drawing upon our depth of experience and comprehensive understanding of cryptocurrency, DeFi, DAOs and NFTs.
