Legal scholars file amicus brief in support of Coinbase
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A group of six legal scholars specializing in securities law and related fields submitted an amicus brief in
In their filing, the legal scholars contended that federal precedents and the Howey test acknowledge that investment contracts necessitate anticipation of business income, profits or assets. The group has asked the court to adhere to the established legal definition of “investment contract” when interpreting its scope:
“An investor must be promised, by virtue of his or her investment, an ongoing contractual interest in the income, profits, or assets of the enterprise. In this section, we discuss some of these cases.”
The legal scholars clarified that their affiliations with universities or law schools are irrelevant to their involvement with the amicus brief.
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