A New York district court should not treat digital assets "as somehow special," an association made up of securities regulators argued in a case involving a U.S. regulator and Coinbase.
The SEC’s case against Coinbase isn’t “extraordinary,” the association said, citing the Howey Test, a 1946 U.S. Supreme Court case involving citrus groves that the SEC often uses to determine whether transactions are investment contracts and thus subject to securities laws. Some in the crypto industry have disagreed with the SEC’s application of that court case.
Lawmakers have introduced a number of bills to regulate crypto, though none have yet become enacted. Two bills, one that would regulate stablecoins, and another that takes a comprehensive approach at creating a regulatory framework for crypto, passed through a House committee over the summer and await a full House vote and a tough Senate vote.
The major questions doctrine has two parts — one focused on whether the subject has a major impact on the nation’s economy or on the public, and the second is whether a federal agency has explicit authority to implement new regulations.
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