Senator Lummis Backs Coinbase In Legal Battle Against SEC
Senator Lummis Backs Coinbase In SEC Battle A key proponent of the bicameral Lummis-Gillibrand Responsible Financial Innovation Act, Senator Lummis, has submitted an amicus brief in favor of Coinbase . She claims in her statement that the SEC is not explicitly authorized to oversee digital assets. The senator is adamant that Congress, not the SEC, should be in charge of deciding what regulations apply to cryptocurrency. advertisement Lummis contends that the SEC’s sweeping claim that almost all crypto assets qualify as securities goes beyond the agency’s authority and violates the constitutionally mandated separation of powers. Lummis criticizes this approach, frequently referred to as “regulation-by-enforcement,” and stresses that the SEC must not circumvent the legislative process. Senator Lummis, who is an amicus curiae, sits on the Senate Committee on Banking, Housing, and Urban Affairs, which has authority over both the SEC and crypto...