Coinbase allies join lawsuit against SEC

Multiple allies have filed a lawsuit against the United States SEC with Coinbase, forcing the agency to reconsider its decision to refuse to establish specific rules to manage the cryptocurrency industry, and presenting external arguments to the Circuit Court with Paradigm, the Cryptocurrency Innovation Committee, and others. A lawyer for Paradigm argued in a court filing on Monday that the SEC is trying to treat cryptocurrency as part of the old financial system that the agency is accustomed to, in which a company issues securities and should be responsible for notifying the public. This cryptocurrency investment company believes that this is not a simple task for cryptocurrency projects without operating bases, dedicated employees, or central management sources.