The Chamber of Digital Commerce is trying to stop a case brought by the U.S. Securities and Exchange Commission (SEC) against a former Coinbase (COIN) employee accused of insider trading. The organization’s founder, Perianne Boring, said if the SEC succeeds, many digital assets could be defined as securities.

If the court rules in favor of the SEC, nine of the supposed 25 crypto assets the trio purchased and sold could be defined as securities. This could lead to further legal battles for other crypto companies that list the tokens, she said.

That's why her group filed the amicus brief, arguing that the SEC’s crackdown is a form of “backdoor rulemaking.”