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Senator Cynthia Lummis of Wyoming filed a brief supporting Coinbase’s request to dismiss a case against it by the U.S. Securities and Exchange Commission (SEC). 
Lummis, a Republican, reiterated her support of the crypto industry by submitting an <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.53.0.pdf" target="_blank" rel="noopener noreferrer nofollow">amicus brief</a> in solidarity with Coinbase. 
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 🇺🇸📝 Senator Cynthia Lummis backs Coinbase in its legal dispute with the SEC, filing an Amicus Brief, as reported by Cointelegraph. She asserts that the SEC's actions are aimed at consolidating control within the industry, sidestepping ongoing cryptocurrency jurisdiction reviews…— BitcoinWorld (@ItsBitcoinWorld) <a href="https://twitter.com/ItsBitcoinWorld/status/1690332273294614528?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 12, 2023</a> 
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&nbsp;The company wants a federal judge to dismiss a <a href="https://www.sec.gov/news/press-release/2023-102" target="_blank" rel="noopener noreferrer nofollow">case</a> brought against it by the SEC for allegedly operating as an unregistered exchange, broker, and clearing house.&nbsp; 
Coinbase argues that the regulatory agency overreached its mandate when it sued the exchange for the alleged offenses. In its motion to <a href="https://crypto.news/coinbase-responds-to-secs-lawsuit-says-some-tokens-are-not-securities/" target="_blank" rel="noopener noreferrer nofollow">dismiss</a>, Coinbase stated that transactions on its platform do not involve securities, placing it outside the regulator’s jurisdiction. 
Lummis, 68, says the SEC’s approach to crypto enforcement contravenes the separation of powers enshrined in the U.S. Constitution. The agency, she argues, is attempting to legislate laws, which is a function of Congress. 
 You might also like: <a href="https://crypto.news/crypto-queen-cynthia-lummis-applauds-xrp-ruling/" rel="noopener noreferrer nofollow"> Crypto Queen’ Cynthia Lummis applauds XRP ruling </a> 
Lummis also accused the SEC of trying to bypass ongoing political processes aimed at crafting regulations for the crypto industry by usurping authority intended for other agencies.&nbsp; 
She claimed the agency had twisted the meaning of the phrase “investment contract” found in the Securities Exchange Act of 1934 to give itself regulatory power over digital assets. 
The legislator, who is also a <a href="https://crypto.news/bitcoin-hodler-advocate-lummis-senate-banking-committee/" data-type="link" data-id="https://crypto.news/bitcoin-hodler-advocate-lummis-senate-banking-committee/" target="_blank" rel="noopener noreferrer nofollow">member</a> of the Senate Committee on Banking, Housing, and Urban Affairs, insists that the SEC’s interpretation of its role in crypto regulation was “inconsistent” with several pending bills the Committee is considering. 
In July, the senator <a href="https://crypto.news/senators-lummis-and-gillibrand-set-to-present-crypto-bill-in-congress-again/" target="_blank" rel="noopener noreferrer nofollow">introduced</a> a bipartisan bill co-sponsored by New York lawmaker Kirsten Gillibrand to regulate the crypto space and promote consumer protection. Called the Responsible Financial Innovation Act (<a href="https://www.congress.gov/bill/117th-congress/senate-bill/4356/all-info" target="_blank" rel="noopener noreferrer nofollow">RFIA</a>), the bill defines the roles of various agencies in regulating crypto.&nbsp; 
The RFIA gives the SEC authority over tokens issued at initial coin offerings (ICOs) since many of them meet the definition of investment contract transactions.&nbsp; 
However, it considers underlying crypto assets are commodities and should therefore fall under the purview of the Commodity Futures Trading Commission. 
 Read more: <a href="https://crypto.news/sec-delays-bitcoin-etf-proposal-seeks-public-input/" rel="noopener noreferrer nofollow"> SEC delays Bitcoin ETF proposal, seeks public input </a>

Senator Lummis shows support for Coinbase against SEC

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