The North American Securities Administrators Association (NASAA) has backed the Securities and Exchange Commission (SEC) in its legal action against Coinbase. NASAA, a non-profit group representing state and provincial securities regulators in the US, Canada, and Mexico, said it had a "strong interest" in the case.

In a brief filed with the court, NASAA argued that the SEC's position that some crypto assets on Coinbase are securities and therefore subject to SEC regulation was consistent with long-standing securities laws. The case could have significant implications for the regulation of the crypto industry, with a ruling in the SEC's favour likely to subject many digital assets and related products and services to stricter oversight.