Cynthia Lummis filed an amicus brief to support Coinbase against the SEC’s lawsuit.
Cynthia Lummis is a United States Senator from Wyoming. She is known for her crypto-friendly nature. In the past, Lummis has made several positive statements in support of the crypto sector and also recommends that people invest in Bitcoin. She has also prepared a crypto law with the help of some other senators, but that law is awaiting support and attention.
On August 11, 2023, Cynthia Lummis archived an amicus brief to support the Coinbase exchange against the SEC’s lawsuit. Through the amicus brief, Lummis stressed that SEC’s lawsuit should be dismissed because “This is not an everyday enforcement case.”
According to the pro-Bitcoin US Senator, the US SEC is trying to expose how to regulate the crypto sector using its enforcement actions against crypto companies, but this is not the right way.
Lummis stressed that the authority of developing new rules and laws for any financial sector remains with Congress, not under any regulatory body.
Basically, Lummis tried to explain that Congress should create rules and laws for the crypto sector and further SEC and other agencies should follow the rules to regulate this innovative financial sector.
Earlier, on August 4, 2023, the Coinbase team filed a motion in court to dismiss the SEC’s charges. According to Coinbase representatives, the US securities regulator has violated due process, abused its discretion and abandoned its own previous interpretations of securities laws.
According to the court filing, Lummis tried to explain that the SEC bureau is trying to interfere in matters not under its authority. According to Lummis, the SEC body is overstepping its authority by claiming that nearly all crypto assets are securities.
Also Read: Security firm says not to trust Telegram’s crypto trading bots