Senator Lummis Files Amicus Brief Supporting Coinbase in SEC Lawsuit
Senator Cynthia Lummis is challenging the US SEC's regulations under former Chair Gary Gensler, supporting Coinbase's appeal against the agency's lawsuit. Key points include:
- Lummis filed a 29-page amicus brief arguing the SEC overreached its authority.
- The SEC accuses Coinbase of operating as an unregistered exchange and broker.
- Coinbase claims the lawsuit violates Congress’s legislative power over digital assets.
- Binance seeks clearer federal security laws for crypto; a court sided with Coinbase requiring the SEC to justify its regulations.
- Lummis criticizes the SEC's classification of digital assets as securities and calls for transparency in regulation.
- She emphasizes that Congress should define the regulatory framework, not the SEC.
- Lummis, now chair of the Senate Banking Committee panel on digital assets, is drafting bills to adjust the SEC's role.
- With President Trump in office, expectations rise for a more favorable regulatory environment for crypto, especially with the nomination of Paul Atkins as the new SEC head.