According to the latest publication, United States Senator Cynthia Lummis has submitted an amicus brief in backing Coinbase’s move to throw out the SEC’s action over the firm.
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SEC Seeks to Establish ‘Primary Influence’ in Crypto: Lummis
As stated in Lummis’ Aug. 11 filing in the United States District Court for the Southern District of New York, the SEC is attempting to establish “primary influence” across the crypto market by filing a complaint against Coinbase over claimed securities breaches of that time when regulation as well as other factors were “under active consideration by Congress and multiple agencies.” She said that “this is no run-of-the-mill enforcement case.”
Criticism of Regulation by Enforcement
She added: “The SEC brings this enforcement action in the midst of debates in the halls of Congress and around the world about how crypto assets should be regulated. The Constitution empowers Congress—not the SEC—to legislate in such an area of profound economic and political significance.”
Lummis Believes SEC Abused its Power
Lummis further claimed in court that the SEC abused its power, describing it as an effort to “legislate by enforcement.”
Along with the senator, crypto lobbying organizations such as the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Tech Association filed a united petition on August 11.
Marisa Tashman, senior counsel at the Blockchain Association, agreed with Lummis, saying: “The SEC’s interpretation threatens to sweep in many non-security assets – this can’t be what Congress intended when it granted the SEC authority to regulate securities.”
Coinbase Seeks Dismissal of SEC’s Lawsuit
As reported by TheCoinRise, Coinbase submitted a request for the SEC’s complaint to be dismissed. Coinbase released its second-quarter 2023 earnings report just one day prior to the news, delivering the company’s first financial report after the US Securities and Exchange Commission (SEC) challenged the trading platform.
According to Paul Grewal, Coinbase’s chief legal officer, the brief description of the court’s reasoning is anticipated to be given and evaluated by the conclusion of October.
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