Fun

News Feed - 2023-08-12 09:08:51

Brian Quarmby8 hours agoSenator Lummis files amicus brief supporting Coinbase’s dismissal motion against SECSenator Cynthia Lummis argued that the SEC is attempting to “circumvent the political process” by establishing itself as the main authority on crypto.2159 Total views37 Total sharesListen to article 0:00NewsJoin us on social networksThe crypto-friendly United States Senator Cynthia Lummis has filed an amicus brief supporting Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the firm.


An amicus brief is a document filed in court by a party not directly involved with the related case. It is generally used to add supporting arguments to one side of the lawsuit and emphasize how the case will have a broader impact beyond the involved parties.


As per the Aug. 11 filing in the U.S. District Court for the Southern District of New York, Lummis stressed that “this is no run-of-the-mill enforcement case.”


The senator asserted that with its lawsuit against Coinbase over alleged securities violations, the SEC is pushing to obtain “primary influence” over the crypto sector at a time when regulation and other factors are still “under active consideration by Congress and multiple agencies.”“The SEC brings this enforcement action in the midst of debates in the halls of Congress and around the world about how crypto assets should be regulated. The Constitution empowers Congress—not the SEC—to legislate in such an area of profound economic and political significance.”


“Although the SEC seeks broad authority over crypto asset markets, most legislative proposals in Congress would instead grant much of that authority to other agencies. Unsatisfied, the SEC seeks to circumvent the political process to commandeer that authority for itself,” she added.Senator Cynthia Lummis (R. WY) just filed an Amicus Brief supporting @Coinbase"s motion to dismiss the SEC"s complaint.@SenLummis is Co-Sponsor of the Lummis-Gillibrand crypto regulation bill.

Sen. Lummis" brief argues that:

1. Congress has not granted the SEC authority to…— MetaLawMan (@MetaLawMan) August 11, 2023


Coinbase filed a motion to dismiss on Aug. 4, arguing that the SEC had “violated due process, abused its discretion, and abandoned its own earlier interpretations of the securities laws” by asserting authority over the exchange.


In the court filing, Lummis went on to argue that the SEC has been overstepping its authority by claiming that nearly all crypto assets are securities, as she questioned the agency’s supposed regulation-by-enforcement approach, or what she described as an attempt to “legislate by enforcement.”“The SEC’s attempt to shoehorn an entire new class of assets into the existing definition of a ‘security,’ and thereby add to the definition enumerated by Congress, exceeds the SEC’s authority, encroaches on Congress’s lawmaking, and contravenes the separation of powers. The SEC cannot legislate by enforcement.”


Related:SEC decision on Bitcoin ETFs won’t leave out Wall Street giants


Lummis is not alone in filing an amicus brief supporting Coinbase’s motion to dismiss.


On Aug. 11, crypto advocacy groups, including the Blockchain Association, Crypto Council for Innovation, Chamber of Progress and Consumer Tech Association, also submitted a joint filing.


In an X (formerly Twitter) thread announcing the move, the Blockchain Association’s senior counsel Marisa Tashman echoed Lummis’ comments that the “SEC’s regulatory authority extends only to what Congress granted it,” as she highlighted the risks of the SEC’s approach to the sector:“The SEC’s interpretation threatens to sweep in many non-security assets - this can’t be what Congress intended when it granted the SEC authority to regulate securities.”


“The SEC takes the position that nearly all digital assets sold on the secondary market are investment contracts under the federal securities laws. But, these transactions involve no ongoing contractual obligations. The SEC"s position is wrong,” she added.1/ @BlockchainAssn and @crypto_council filed a brief with @ProgressChamber and @CTATech supporting @coinbase against the SEC.

We explain why the major questions doctrine precludes @SECGov from enforcing their interpretation of "investment contract." https://t.co/3JohzZK2lW pic.twitter.com/SrghLHpfmA— Marisa Tashman Coppel (@MTCoppel) August 11, 2023


Magazine:Crypto regulation — Does SEC Chair Gary Gensler have the final say?# Coinbase# Senate# SEC# US Government# RegulationAdd reactionAdd reactionRelated NewsHow to track and report crypto transactions for tax purposesGerman political parties split on how to regulate increasing AI adoptionHow will Bitcoin halving affect BTC price, and is DeFi dead?

News Feed

Turkey’s Financial Intelligence Unit Launches Investigation Into FTX Collapse
Turkey’s Financial Intelligence Unit Launches Investigation Into FTX Collapse The Turkish agency responsible for tackling money-related crime has initiated an investigation again
SEC Chairman Warns Most Crypto Will Fail — Says ‘Don’t Get Caught up in FOMO, Fear of Missing Out’
SEC Chairman Warns Most Crypto Will Fail — Says "Don"t Get Caught up in FOMO, Fear of Missing Out" The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler
CFTC chair warns of conflict with SEC over Prometheum’s ETH play
Jesse Coghlan8 hours agoCFTC chair warns of conflict with SEC over Prometheum’s ETH playSEC-registered broker Prometheum could force the agency to decide if Ether is a security and CFTC chair Rostin Behnam says that co
Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10
Este artículo también está disponible en español. Dogecoin (DOGE), the world’s largest meme coin has recently seen a sharp decline in its holder base, with new data con
Hong Kong Bitcoin, Ether ETF structures revealed ahead of April 30 launch
Zhiyuan Sun7 hours agoHong Kong Bitcoin, Ether ETF structures revealed ahead of April 30 launchThe spot exchange-traded funds will be denominated in the United States dollar, Hong Kong dollar and Chinese yuan.1334 Total
Investment Strategist Discusses Bitcoin ‘Entering Unstoppable Maturation Stage’ — Says Price Should Continue to Rise
Investment Strategist Discusses Bitcoin "Entering Unstoppable Maturation Stage" — Says Price Should Continue to Rise Bloomberg Intelligence’s senior commodity strategist sa
Forget XRP At $3, Analyst Reveals How High Price Will Be In A Few Months
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin’s Hashrate Remains Stronger Than Ever in the Face of Crypto Winter Prices and Sky High Difficulty
Bitcoin’s Hashrate Remains Stronger Than Ever in the Face of Crypto Winter Prices and Sky High Difficulty Despite the fact that bitcoin miners are getting bare minimums in profit
Ethereum price rallies above $3.1K after unexpected regulatory victory
Marcel Pechman3 hours agoEthereum price rallies above $3.1K after unexpected regulatory victoryETH price hit $3,100, backed by a favorable court ruling and increased network activity.3182 Total views4 Total sharesListen
Picpay to Offer Cryptocurrency Services in Brazil to More Than 60 Million Customers
Picpay to Offer Cryptocurrency Services in Brazil to More Than 60 Million Customers Picpay, one of the most popular payments fintech companies in Brazil, has announced that it will
Putin Calls for International Settlements Based on Blockchain and Digital Currencies
Putin Calls for International Settlements Based on Blockchain and Digital Currencies Russian President Vladimir Putin believes a new system for international money transfers is nee
Prashant Jha11 hours agoArbitrum-based Rodeo Finance exploited for second time, $1.5M stolenThe exploiter manipulated price oracles to gain the upper hand on trades executed using the manipulated price.1326 Total views2