US state regulators and legal experts intervene in the lawsuit between the US SEC and Coinbase.

According to BlockBeats news on October 11th, regulatory agencies and legal experts from various states in the United States have intervened in the case of the Securities and Exchange Commission (SEC) suing Coinbase, as reported by CoinDesk. According to newly submitted documents, the new parties involved believe that, apart from speculation, the vast majority of digital assets have no established or widely adopted practical economic use cases, and that cryptocurrencies are neither important nor special. The SEC can regulate digital assets according to current laws. In addition, two legal experts pointed out that Coinbase's reference to the legal principle of preventing government agencies from making significant economic interventions without clear congressional authorization is incorrect, as the Coinbase case involves enforcement against a specific company, rather than the establishment of quasi-legislative rules. The SEC is not advocating new powers to regulate the "national economy," but has filed specific appeals in federal court. As previously reported by BlockBeats, on June 6th, the SEC sued the cryptocurrency trading platform Coinbase in the New York Federal Court.