The ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Coinbase has garnered support from the crypto community, digital asset organizations, and lawmakers for its dismissal. Lawyer Patrick Kennedy has also stepped in, seeking court approval to represent the Chamber of Digital Commerce as amicus counsel.
The Chamber of Digital Commerce aims to stop the SEC from regulating the digital asset sector through enforcement actions, arguing that the SEC’s approach contradicts the intentions of the U.S. Congress, which is actively crafting cryptocurrency regulations.
Coinbase executives Brian Armstrong and Paul Grewal remain optimistic about the lawsuit’s dismissal, accusing the SEC and its Chair, Gary Gensler, of attempting to stifle cryptocurrency innovation in the United States. Lawmakers have also called for the lawsuit’s dismissal.
Recent judgments in the Ripple and Grayscale cases have highlighted the SEC’s lack of clarity in determining which cryptocurrencies qualify as securities, underlining a need for clearer regulation. 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 been questioned due to seemingly illogical claims about cryptocurrencies and the postponement of decisions on seven Bitcoin ETFs, which may result in financial losses for investors.
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