Crypto Community and Lawmakers Rally Behind Dismissal of Coinbase vs. SEC Lawsuit, Raising Questions on SEC's Regulatory Clarity and Credibility
Summary:
The crypto community and lawmakers support the dismissal of the Coinbase vs. SEC lawsuit. Attorney Patrick V. Kennedy joins the Chamber of Digital Commerce as amicus counsel. The Chamber aims to halt the SEC's regulatory efforts on digital assets. Congress has not granted the SEC authority over digital assets. Coinbase executives remain optimistic, while recent rulings question SEC's clarity on crypto regulations. The SEC's credibility is at stake, and investors may face losses due to delayed Bitcoin ETF decisions.
The dismissal of the Coinbase vs. United States Securities Exchange Commission lawsuit has received support from the crypto community, digital asset organizations, and lawmakers. Patrick V. Kennedy, a new attorney, has entered the case as amicus counsel on behalf of the Chamber of Digital Commerce. Kennedy has filed a request to be admitted pro hac vice, seeking court approval for his involvement. The Chamber of Digital Commerce, along with the Blockchain Association, has played a significant role as an amicus in the ongoing lawsuit. Their aim is to prevent the SEC from regulating the digital asset sector through enforcement actions, arguing that Congress has not granted the SEC authority to oversee digital assets. Meanwhile, Coinbase's executives, Brian Armstrong and Paul Grewal, remain optimistic about the dismissal of the lawsuit, accusing the SEC and Chair Gary Gensler of stifling cryptocurrency innovation in the United States. Lawmakers have also called for the court to dismiss the case. Recent rulings in the Ripple and Grayscale cases highlighted the SEC's lack of clarity in distinguishing which cryptocurrencies qualify as securities, raising concerns about regulatory clarity. Gary Gensler believes that all cryptocurrencies, except Bitcoin, should be classified as securities and that the SEC should have authority over the entire crypto industry. However, the SEC's credibility has suffered due to seemingly illogical claims about cryptocurrencies, and the delay in decisions on seven Bitcoin ETFs may lead to financial losses for investors.
Published At
9/1/2023 9:00:19 AM
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