ChainCatcher news, Coinbase has submitted an amicus brief regarding the ongoing bankruptcy case of Prime Trust, urging the court to support legal protections for customer assets held by the trustee. Coinbase's Chief Legal Officer Paul Grewal announced this document, emphasizing that customer assets should not be included in the trustee's bankruptcy proceedings.The company advocates for the enforcement of Section 8 of the Uniform Commercial Code (UCC), which ensures that assets held by the trustee belong to the customers, not to the trustee itself. Coinbase argues that both its user agreement and Prime Trust's user agreement clearly state that the assets remain the property of the customers. Bankruptcy should not alter these agreements or reclassify the assets as part of the trustee's property.The legal document will prevent customer funds from being included in Prime Trust's bankruptcy estate. Coinbase insists that upholding UCC Section 8 is crucial for maintaining trust in the trustee, whether in the digital finance or traditional finance sectors.

ChainCatcher news, eight doctors focused on the field of neurodiversity recently informed the Second Circuit Court of Appeals in a friend-of-the-court brief supporting SBF that SBF has been diagnosed with Autism Spectrum Disorder (ASD) and Attention Deficit/Hyperactivity Disorder (ADHD), which "constitutes a significant challenge in the litigation process of this case," and that the court and jury may have misunderstood SBF's behavior during the criminal trial.They stated that several rulings were unfavorable to SBF "because of his neurodiversity," particularly the ruling from the Manhattan District Court, which allowed government prosecutors to question him without a jury present before he sat in front of the jurors.The judge repeatedly criticized SBF for his lengthy responses and for attempting to clarify or rephrase questions. The doctors noted that this is characteristic of individuals with Autism Spectrum Disorder, as they interpret language in a literal manner. They also mentioned that the judge's criticisms later led SBF to change his answers in front of the jury, "possibly as an overcorrection."

ChainCatcher News, the American cryptocurrency lobbying group Blockchain Association has submitted an amicus brief to the U.S. Court of Appeals for the Tenth Circuit in support of Custodia Bank's lawsuit against the Federal Reserve.The Chief Legal Officer of the Blockchain Association stated, "The Federal Reserve claims that digital assets pose safety and soundness issues, which protects large existing banks and makes it harder for industry participants to find banking partners. This puts customers in a bind. And Custodia has become a victim of this scheme.Most importantly, the Federal Reserve's master account provides a safety net for banks and their customers. Lack of access to this system harms the interests of millions of law-abiding Americans participating in the digital asset economy.We hope the Tenth Circuit will make the right decision."

ChainCatcher news, according to The Block, Coin Center, Blockchain Association, and DeFi Education Fund have submitted an amicus brief in support of Tornado Cash developer Roman Storm's motion to dismiss the charges against him. In the brief, these organizations stated that the government's prosecution of Roman Storm and Roman Semenov contains numerous factual and legal errors. Furthermore, the brief elaborates on how Tornado Cash operates without granting developers control over user assets. If the government’s position that Tornado Cash is a remittance business is valid, then developers could not comply with the Bank Secrecy Act, which means the government's interpretation is equivalent to banning anonymous protocols.

ChainCatcher news, according to official sources, the Chamber of Digital Commerce has submitted a motion seeking to file an amicus brief in the ongoing SEC v. Payward, Inc. (Kraken) case.The core of this case lies in the SEC's approach to digital assets, and the Chamber's brief argues that this approach has fundamental flaws. The SEC's classification of all digital asset transactions as securities transactions not only misinterprets the law but also poses a serious threat to the future of blockchain technology. The Chamber firmly believes that digital assets are not inherently "investment contracts" and should not be broadly regulated.

ChainCatcher news, a16z Crypto and Paradigm jointly submitted an amicus brief regarding the SEC's lawsuit against Coinbase.The brief states that the SEC's overregulation, along with the unpredictability and arbitrariness of its actions, threatens the development of blockchain technology in the United States. Although the SEC claims that every token is part of an investment contract, they have exceeded the defined scope.Furthermore, the SEC's stance on cryptocurrencies could undermine the stability of the economic sector, as it would bring ordinary transactions of assets and collectibles that no one considers to be securities under its jurisdiction. Finally, the SEC is currently exceeding Congress in the regulation of digital assets, and doing so will hinder digital asset technology rather than promote its safe development.