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Coinbase, the crypto exchange giant, adopts a distinctive legal approach to navigate legal disputes in the digital asset industry. Even prior to becoming embroiled in the U.S. regulatory scrutiny of cryptocurrency companies, Coinbase strategically hired renowned legal experts to influence court rulings in similar cases.
In June, before facing the legal onslaught from the U.S. Securities and Exchange Commission (SEC), Coinbase had already provided its insights in two separate litigations initiated by the SEC. The objective was to sway judges towards a particular perspective, a move that would play a pivotal role in Coinbase's imminent legal battle.
This unconventional method employed by Coinbase involved the submission of "amicus" briefs, positioning the company as a "friend of the court". While this practice is common at the U.S. Supreme Court level, it is rarely seen in federal trial courts, accounting for only 0.1% of cases, according to law firm Gibson Dunn & Crutcher. However, entities within the crypto industry have increasingly filed such briefs in SEC cases to advocate for defendants.
While a judgment favoring any crypto defendant would not directly impact Coinbase's case, legal experts believe it could serve as a cornerstone in the company's defense strategy. Thus far, a limited number of judges presiding over similar lawsuits have sided with the SEC's approach.
Akiva Shapiro, co-author of the Gibson Dunn study, emphasized that filing amicus briefs at the trial court level is an endeavor to initiate a favorable legal trend on matters that deeply concern the amicus party. In the face of the lawsuit, Coinbase's chief legal counsel, Paul Grewal, reaffirmed the company's unwavering commitment to its legal defense.
