In a new development, Senator Cynthia Lummis, a prominent advocate for cryptocurrency, filed an amicus brief on August 11 to support the Coinbase exchange against the SEC’s lawsuit.
Lummis maintains that the responsibility to formulate crypto regulations lies with Congress, not the SEC. This standpoint emphasizes the importance of a clear separation of powers in shaping the landscape of cryptocurrencies.
The Current Conflict And Its Wide-Ranging Implications
In the lawsuit, SEC claims Coinbase operates as an unregistered broker, exchange, and clearing agency. This has resulted in a national issue and has attracted responses from all corners.
Coinbase fired back and filed for a dismissal of the case against the crypto exchange on Friday, August 4 alleging the Security and Exchange Commission is stepping outside their jurisdiction in suing the crypto exchange.
“The transactions over Coinbase’s platform and Prime are not…
