Senator Lummis Files Brief Against SEC’s Authority in Coinbase Case
US Senator Cynthia Lummis filed an amicus curiae brief in the case Coinbase vs SEC, opposing the SEC’s enforcement actions and asserting they exceed legal authority. Key points include:
- Lummis criticizes the SEC's tactics under Chair Gary Gensler, claiming they unlawfully redefine the Howey Test.
- She asserts that only Congress can determine if digital assets are securities or commodities.
- The SEC's approach risks slowing innovation and creating legal uncertainty for digital asset exchanges.
- Lummis highlights a need for clear regulatory guidelines, emphasizing the separation of powers.
- A recent ruling favored Coinbase, indicating the SEC lacked sufficient justification for its regulatory stance.
- The outcome of ongoing lawsuits against the SEC could significantly impact the digital asset industry.
Lummis aims to establish clear legal boundaries to foster innovation within the sector.