The U.S. SEC (Securities and Exchange Commission) has gained support from two Amicus Briefs filed on Tuesday, in its lawsuit against crypto exchange Coinbase. As per the filing, the two amicus briefs incline toward the SEC’s claims that digital assets should be classified as securities. Moreover, it says that they should fall within the SEC’s jurisdiction.
One amicus brief was filed by former SEC officials, including former Chair Mary Jo White and Commissioner Robert Jackson Jr. The duo stated that “Digital assets with characteristics typical of securities offer investors the same promise of a return and carry the same risks that led to the enactment of the federal securities laws.” 
Another amicus brief was filed by Professor Todd Phillips of the J. Mack Robinson College of Business, and Beau Baumann, a Doctoral candidate at Yale Law School, in support of the SEC.
Furthermore, NASAA (North American Securities Administrators Association) also filed a brief saying that platforms such as Coinbase operate similarly to a securities exchange. However, NASAA’s brief noted that such platforms are exempt from regulatory oversight, posing a threat to investor protection.
