TBC and SAF File Amicus Brief in Coinbase Case

FOR IMMEDIATE RELEASE

March 20, 2024

Texas Blockchain Council and Satoshi Action Fund Push Back Against Federal Overreach

Washington, DC – The Texas Blockchain Council and Satoshi Action Fund have partnered with renowned law firm Wiley Rein LLP to submit an amicus brief to the U.S. Court of Appeals for the Third Circuit asking the court to require the U.S. Securities and Exchange Commission (SEC) to begin a rulemaking process that balances the viewpoints of cryptocurrency stakeholders.

The brief highlighted the arbitrary nature of SEC enforcement actions on the same day that a US District Court wrote the SEC’s conduct “constitutes a gross abuse of the power entrusted to it by Congress.”

Specifically, the brief highlighted the benefits of the digital asset mining industry in the United States and especially states like Texas. States like Texas, Montana and Arkansas have written and passed legislation governing not only the conduct of the digital asset mining industry, but also exchanges such as Coinbase.

In the absence of clear Congressional rules, the SEC threatens to violate not only the due process rights of companies in the digital asset industry but also the state’s role in regulating industries within their borders.  

As the brief summarizes “The SEC’s regulation of the digital assets industry via enforcement-without-rulemaking flouts bedrock principles of constitutional law”

The Texas Blockchain Council and Satoshi Action Fund would like to specifically thank Joshua B. Simmons and special counsel Frank Scaduto and Michael J. Showalter for their incredible work on the brief.

You can reach the Texas Blockchain Council at press@texasblockchaincouncil.org

You Can Reach Satoshi Action Fund at dennis@satoshiaction.io