A group of six scholars, specialized in securities law and related disciplines, have submitted an amicus brief in the U.S. District Court for the Southern District of New York, supporting Coinbase’s defense in its ongoing legal battle with the Securities and Exchange Commission (SEC).

Argentinian politician Javier Milei, known for his robust support of the flagship cryptocurrency Bitcoin and his vehement calls for the dissolution of the nation’s central bank, has surged ahead in the presidential primary elections.

Credit card behemoth Visa is trying to simplify transaction fee payments on the Ethereum blockchain, with a recent announcement revealing the firm is testing a way for users to pay for gas fees with their credit cards.

Top stories in the Crypto Roundup today:

• Coinbase Gets Backing from Legal Scholars in SEC Case
• Bitcoin Supporter Javier Milei Leads Argentina’s Presidential Primaries
• Visa Tests a Way to Pay Ethereum Gas Fees with Credit Cards

Coinbase Gets Backing from Legal Scholars in SEC Case

A group of six scholars, specialized in securities law and related disciplines, have submitted an amicus brief in the U.S. District Court for the Southern District of New York, supporting Coinbase’s defense in its ongoing legal battle with the Securities and Exchange Commission (SEC).

An amicus brief is a document filed by a party that is not directly involved with a related case, providing the court with supporting arguments for one of the involved parties and highlighting the broader ramifications a decision might have.

The notable submission is complemented by an amicus brief filed the same day by Senator Cynthia Lummis, illustrating the depth of support for the cryptocurrency platform.

Drawing upon extensive legal precedent, the brief underscores the implications of the Howey test, a cornerstone in securities law. Central to their argument, the scholars emphasize that investment contracts requirethe expectation of business income, profits, or assets.

They urged the court to lean on the time-tested definition of an "investment contract" in its deliberations, stipulating that "an investor must be promised, by virtue of his or her investment, an ongoing contractual interest in the income, profits, or assets of the enterprise."

In a nod to ensuring transparency, the scholars were quick to clarify that their institutional affiliations did not influence their decision to participate in the brief.

Bitcoin Supporter Javier Milei Leads Argentina’s Presidential Primaries

Argentinian politician Javier Milei, known for his robust support of the flagship cryptocurrency Bitcoin and his vehement calls for the dissolution of the nation’s central bank, has surged ahead in the presidential primary elections.

With more than 90% of the votes tallied, Milei, a fervent libertarian and Bitcoin advocate, is in the lead, securing nearly 32% of the popular vote. He is closely followed by the conservative Together for Change (Juntos por el Cambio) party, which has garnered just under 30% of the vote.

The incumbent government's left-leaning coalition, Union for the Homeland (Unión por la Patria), is currently in the third position with slightly over 28.5%. Milei, an outspoken self-proclaimed anarcho-capitalist, is at the helm of the Liberty Advances (La Libertad Avanza) coalition, a group that has been described anywhere between libertarian to far-right.

Milei has controversially called for the eradication of Argentina’s central bank, labeling it a deceptive scheme, and advocated for the legalization of human organ sales. The politician views Bitcoin as a countermeasure against "central bank scammers" and contends that legal tender gives politicians an avenue to exploit Argentinians through rampant inflation.

His message appears to be resonating with a large section of the Argentinian electorate, many of whom are grappling with a soaring annual inflation rate of 116%. This alarming figure, the highest the nation has seen in over 30 years, exacerbates an already pressing cost-of-living crisis.

Visa Tests a Way to Pay Ethereum Gas Fees with Credit Cards

Credit card behemoth Visa is trying to simplify transaction fee payments on the Ethereum blockchain, with a recent announcement revealing the firm is testing a way for users to pay for gas fees with their credit cards.

 Making transactions on Ethereum currently involves paying for gas fees using the blockchain’s native token, ether. Visa’s blog post revealed that it has completed testing a way that will allow users to pay gas gees in fiat currency with their cards.

The firm suggested current Ethereum gas fees are too complicated for most people and that its method could simplify them. Visa said blockchain technology could “shape the future of money movement,” although on-chain transactions remain too complicated for most.

On Ethereum’s Goerli testnet, Visa tested leveraging the ERC-4337 standard, which enables smart contracts to serve as wallets via an “account abstraction” process and paymaster contracts, to sponsor gas fees on behalf of users.

The service would allow users to pay for transaction fees using Visa cards. Per the firm, merchants and decentralized applications could run the paymaster system, or use an existing wallet to make transactions easier.

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