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<ol> 
 <li>Senator Cynthia Lummis filed an amicus brief in support of Coinbase.</li> 
 <li>Coinbase moved to junk the SEC lawsuit over various grounds.</li> 
 <li>The document stated that SEC’s overreach was evident in the lawsuit.</li> 
</ol> 
<p>Embattled crypto exchange Coinbase has gotten a legislator as a backer regarding its ongoing legal battle with the US Securities and Exchange Commission (SEC). This time, it is none other than Senator Cynthia Lummis.</p> 
<p>Specifically, Senator Lummis filed an amicus brief that supports Coinbase’s motion to throw the SEC lawsuit to the bin. The document can be found <a href="https://t.co/QA7CjVHsLZ" rel="noopener noreferrer nofollow">here</a>, although X App user and crypto supporter MetaLawMan summarized the amicus brief.</p> 
<p>In summary, the document argued that the US Congress never granted — at least, not yet — the SEC any authority to regulate crypto assets. Defining what is legal and what is not, as well as crafting a crypto regulation, is the job of the Congress and not the SEC.</p> 
<p>Another scathing argument is that the SEC’s claim that most cryptocurrencies are securities is above its authority, “encroaches on Congress’s lawmaking, and contravenes the separation of powers,” the document stated.</p> 
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   <p lang="en" dir="ltr">Senator Cynthia Lummis (R. WY) just filed an Amicus Brief supporting <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Coinbase</a>'s motion to dismiss the SEC's complaint.<a href="https://twitter.com/SenLummis?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SenLummis</a> is Co-Sponsor of the Lummis-Gillibrand crypto regulation bill. <br><br>Sen. Lummis' brief argues that:<br><br>1. Congress has not granted the SEC authority to…</p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1690133309345460224?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 11, 2023</a> 
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<p>The SEC filed a lawsuit against Coinbase, alleging that the exchange has been facilitating the trading of a couple of dozen of cryptocurrencies that it deems to be securities. Most of these cryptocurrencies are based on Proof of Stake (PoS). In contrast, Proof of Work (PoW) coins like Bitcoin, Litecoin, and Dogecoin were exempt from that allegation.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also :</h4> 
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 <li><a href="https://cryptonewsland.com/cynthia-lummis-is-still-bulish-on-bitcoin/" rel="noopener noreferrer nofollow">Cynthia Lummis is Still Bulish on Bitcoin</a></li> 
 <li><a href="https://cryptonewsland.com/garlinghouse-12-amici-briefs-filed-in-support-of-ripple/" rel="noopener noreferrer nofollow">Garlinghouse: 12 Amici Briefs Filed in Support of Ripple</a></li> 
 <li><a href="https://cryptonewsland.com/ripple-gets-coinbase-as-ally-during-crucial-moment-in-suit/" rel="noopener noreferrer nofollow">Ripple Gets Coinbase as Ally During Crucial Moment in Suit</a></li> 
 <li><a href="https://cryptonewsland.com/ripple-lawsuit-recent-highlights-everything-you-must-know/" rel="noopener noreferrer nofollow">Ripple Lawsuit Recent Highlights: Everything You Must Know</a></li> 
 <li><a href="https://cryptonewsland.com/us-senator-proposes-banning-cbdcs-for-fear-of-surveillance-play-while-crypto-execs-frustrated-with-white-house-report/" rel="noopener noreferrer nofollow">US Senator Proposes Banning CBDCs for Fear of Surveillance Play, While Crypto Execs Frustrated With White House Report</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/senator-cynthia-lummis-files-support-for-coinbase-to-junk-sec-lawsuit/">Senator Cynthia Lummis Files Support for Coinbase to Junk SEC Lawsuit</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Senator Cynthia Lummis Files Support for Coinbase to Junk SEC Lawsuit

Crypto News Land

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