SEC says cryptocurrencies "have no intrinsic value and are investment contracts" in Coinbase case

TechFlow reported that the U.S. Securities and Exchange Commission (SEC) argued in a federal court case against Coinbase that cryptocurrencies lack any "inherent or intrinsic value." In its filing, the SEC stated: "Crypto assets themselves have no inherent or intrinsic value—they derive their value from an underlying investment contract, which is the case for the crypto assets at issue in this lawsuit."

Coinbase Chief Legal Officer Paul Grewal responded: "The SEC's argument today implies that everything from Pokemon cards to stamps to Swiftie bracelets is a security. That’s not the law, and it shouldn’t be."