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U.S. Senator Cynthia Lummis has taken a bold stance against what she perceives as an overreach of authority by the U.S. Securities and Exchange Commission (SEC).<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4d722e09e33345038325ea1a7d8c8856.jpg" />With her <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.53.0.pdf" rel="noopener noreferrer nofollow">amicus brief</a> filed in support of Coinbase&#39;s motion to dismiss the SEC&#39;s lawsuit, Lummis is not just defending a single company, but rather she&#39;s championing a fundamental principle of democratic governance: the separation of powers.In her compelling argument, she highlights how the SEC&#39;s attempts to regulate cryptocurrencies through enforcement actions circumvent Congress&#39; role in lawmaking and undermine the principles of balance and accountability.The Constitutional DivideAt the heart of Senator Lummis&#39; argument is a crucial question: Who holds the power to shape regulations in the dynamic and rapidly evolving crypto space?Lummis aptly points out that the Constitution unequivocally empowers Congress, not the SEC, to legislate on matters of significant economic and political importance.By seeking to bring cryptocurrencies under the purview of &#39;investment contracts&#39; through an unconventional interpretation, the SEC is attempting to redefine the boundaries set by Congress, effectively expanding its influence and authority.The &#34;Legislate by Enforcement&#34; FallacyLummis in her brief asserted that the SEC&#39;s approach of attempting to legislate by enforcement is a direct violation of the separation of powers.This novel interpretation of its own authority, she argues, undermines the democratic process and the crucial role that Congress plays in shaping the regulatory landscape. By trying to unilaterally categorize cryptocurrencies as securities, the SEC undermines the established framework and encroaches on the jurisdiction rightfully held by Congress.Lummis effectively rebuked the SEC&#39;s power grab by asserting that the decision to grant the SEC authority to regulate crypto assets must lie with Congress, not be usurped by the regulatory body itself.The Legislative LandscapeLummis further underscored her argument by pointing to ongoing debates within Congress regarding the regulation of cryptocurrencies, highlighting the Lummis-Gillibrand Responsible Financial Innovation Act, which serves as a testament to the active discussions and legislative initiatives surrounding the crypto space.Rather than allowing the SEC to seize control, Lummis contends that Congress should be entrusted with the task of developing a well-balanced and comprehensive regulatory framework.This framework, she insists, should consider the complex and nuanced nature of crypto assets while upholding the principles of democratic governance and accountability.Closing ThoughtsSenator Lummis&#39; bold stance against the SEC&#39;s regulatory overreach serves as a reminder of the importance of maintaining the separation of powers and upholding the democratic ideals that underpin the American legal system.By advocating for Congress&#39; rightful role in shaping crypto regulations, Lummis has again demonstrated her commitment to a fair, transparent, and accountable approach to governance.Her call for Congress to be respected in matters of blockchain and cryptocurrency lawmaking may prove to be a lifeline in an environment where regulations are getting more complicated as the crypto landscape evolves.Catch up on our published articles for the week!NEWS● CBDCs Won’t Address Canada’s Payment Problems – Bank of Canada &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/cbdcs-wont-address-canadas-payment-problems-bank-of-canada/" rel="noopener noreferrer nofollow"> Read more</a>.●  Zimbabwe Nears Implementation of Gold-Backed Digital Tokens for Domestic Payments &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/zimbabwe-nears-implementation-of-gold-backed-digital-tokens-for-domestic-payments/" rel="noopener noreferrer nofollow"> Read more</a>.●  Visa Explores Using Payment Cards for Settling On-Chain Gas Fees &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/visa-explores-using-payment-cards-for-settling-on-chain-gas-fees/" rel="noopener noreferrer nofollow"> Read more</a>.●  RBI Governor Proposes AI-Powered “Conversational Payments” for India’s UPI System &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/rbi-governor-proposes-ai-powered-conversational-payments-for-indias-upi-system/" rel="noopener noreferrer nofollow"> Read more</a>.●  French Financial Regulator Tightens Crypto Regulations with Stricter Licencing Requirement &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/french-financial-regulator-tightens-crypto-regulations-with-stricter-licencing-requirement/" rel="noopener noreferrer nofollow"> Read more</a>.●  U.S. SEC Moves to Challenge Ripple Lawsuit Ruling &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/u-s-sec-moves-to-challenge-ripple-lawsuit-ruling/" rel="noopener noreferrer nofollow"> Read more</a>.●  Ripple Reveals Plans to Deepen Engagement with Hong Kong’s Blockchain Community &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/ripple-reveals-plans-to-deepen-engagement-with-hong-kongs-blockchain-community/" rel="noopener noreferrer nofollow"> Read more</a>.●  Aptos Labs Teams Up with Microsoft to Accelerate Global Web3 Adoption &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/aptos-labs-teams-up-with-microsoft-to-accelerate-global-web3-adoption/" rel="noopener noreferrer nofollow"> Read more</a>.●   Russia’s Central Bank to Begin Pilot Testing of Digital Ruble on August 15 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/russias-central-bank-to-begin-pilot-testing-of-digital-ruble-on-august-15/" rel="noopener noreferrer nofollow"> Read more</a>.●   Binance Secures Regulatory Approval to Provide Crypto Services in El Salvador &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/binance-secures-regulatory-approval-to-provide-crypto-services-in-el-salvador/" rel="noopener noreferrer nofollow"> Read more</a>.●  Bitsonic CEO Arrested in South Korea for Embezzling User Funds &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/bitsonic-ceo-arrested-in-south-korea-for-embezzling-user-funds/" rel="noopener noreferrer nofollow"> Read more</a>.●  Circle Launches Programmable Crypto Wallets For Seamless Web3 Integration &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/circle-launches-programmable-crypto-wallets-for-seamless-web3-integration/" rel="noopener noreferrer nofollow"> Read more</a>.●  Alchemy Pay Bolsters its Fiat-Crypto Services, Integrates USDD Conversions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/alchemy-pay-bolsters-its-fiat-crypto-services-integrates-usdd-conversions/" rel="noopener noreferrer nofollow"> Read more</a>.●  Brazil’s Central Bank Unveils a New Name for its CBDC&gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/brazils-central-bank-unveils-a-new-name-for-its-cbdc/" rel="noopener noreferrer nofollow"> Read more</a>.●  Blockchain.com Secures Major Payment Institution License in Singapore &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/blockchain-com-secures-major-payment-institution-license-in-singapore/" rel="noopener noreferrer nofollow"> Read more</a>.●  PayPal Launches PYUSD Stablecoin to Usher in New Era of Digital Payments &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/paypal-launches-pyusd-stablecoin-to-usher-in-new-era-of-digital-payments/" rel="noopener noreferrer nofollow"> Read more</a>.●  Singapore Red Cross Teams Up with Triple-A to Accept Anonymous Cryptocurrency Donations &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/singapore-red-cross-teams-up-with-triple-a-to-accept-anonymous-cryptocurrency-donations/" rel="noopener noreferrer nofollow"> Read more</a>.●  Curve Finance Puts Up $1.85M Bounty to Unmask Culprit Behind $70M Exploit &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/curve-finance-puts-up-1-85m-bounty-to-unmask-culprit-behind-70m-exploit/" rel="noopener noreferrer nofollow"> Read more</a>.●  Goracle Unveils New Identity to Reflect Strength and Innovation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/goracle-unveils-new-identity-to-reflect-strength-and-innovation/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  How Is Blockchain Technology Used In Banking &amp; Finance? &gt;&gt;&gt;<a href="https://defi-planet.com/2021/08/how-is-blockchain-technology-used-n-banking-finance/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Camino Network: Redefining Travel And Tourism With Web 3 Technology &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/camino-network-redefining-travel-and-tourism-with-web-3-technology/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Introducing Tezoro: The Backup &amp; Recovery Protocol for Your Crypto Assets &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/introducing-tezoro-the-backup-recovery-protocol-for-your-crypto-assets/" rel="noopener noreferrer nofollow"> Learn more</a>.<h4>ICYMI…</h4>FTX Founder Sam Bankman-Fried Arrested as Bail RevokedSam Bankman-Fried, the former CEO of FTX, has been arrested after his bail was revoked on August 11. Concerns about potential witness tampering led U.S. District Judge Lewis Kaplan to make this decision.Bankman-Fried&#39;s interaction with reporters, where he <a href="https://www.nytimes.com/2023/08/11/technology/sam-bankman-fried-to-be-sent-to-jail-after-judge-revokes-bail.html" rel="noopener noreferrer nofollow">shared documents</a> related to a former associate during an in-person meeting at his parents&#39; house, raised suspicions of attempting to cover up his actions.Federal prosecutors had previously argued for bail revocation, citing fears that Bankman-Fried&#39;s behavior could influence witnesses, despite an existing gag order. Following the hearing, Bankman-Fried was arrested with his parents present in court.While the exact location of his detention remains unconfirmed, Bankman-Fried may be held at the medium-security Putnam County Correctional Facility. Prosecutor Danielle Sassoon expressed concerns about Bankman-Fried exploiting release conditions and posing a risk to community safety.Bankman-Fried&#39;s bond was revoked during the hearing, leading to his remand. His request to delay a pending appeal ruling was denied. His imprisonment begins just before his October trial. Until now, he had been mainly on bail and under house arrest at his parents&#39; Palo Alto home, except for a brief period of incarceration in The Bahamas.Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/f1d5c404ac2e40adb3aa2623cf85e2e7.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #62 | The SEC's Power Play: Senator Lummis Challenges Regulatory Overreach 🧑‍⚖️ 🚨

DeFi Planet

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