Amicus Briefs

NFI Position: President Roosevelt demanded that no essentially important element shall be concealed from the buying public. Crypto buyers think they are investing because that's what is being promoted to them, but, they are merely speculating. NFI believes that is the biggest concealment of all, which is diametrically opposed to Congress's broad mandate of full and fair disclosure.

As a result, the SEC has the authority to regulate cryptocurrencies, and NFI believes that the most effective regulatory solution could be as simple as a label that states: "This is a speculative security."  Such a labeling requirement has parallels in other regulatory regimes and was actually implemented by financial regulators a century ago.