US Senator calls crypto regulation ’a matter of national importance’
Lawyers for Cynthia Lummis filed an amicus brief as part of Coinbase’s appeal over a ruling in its case with the SEC, claiming the commission “flouts” its enforcement authority.
Wyoming Senator Cynthia Lummis, a crypto holder and US lawmaker vocal about her support for legislation and regulation favoring the digital asset industry, has penned an amicus brief in support of Coinbase’s appeal against the Securities and Exchange Commission.
In a Jan. 24 filing in the US Court of Appeals for the Second Circuit, Lummis claimed that the SEC “flouts” its approach to crypto enforcement cases, arguing that the regulator exceeded its authority. The senator said that “decades-old securities statutes and regulations” could not always be applied to modern assets like cryptocurrencies and called for lawmakers to establish a framework for digital assets.
“With lawsuits pending across the country that rely on the SEC’s overzealous interpretation of the securities laws, it is vital that the Second Circuit — the country’s leading securities law court — weigh in now and halt the SEC’s contravention of the separation of powers and encroachment on Congress’s lawmaking powers,” said the amicus brief. “A Second Circuit standard regarding when digital assets qualify as securities is urgently needed.”
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Author: Turner Wright
