- Senator Cynthia Lummis challenged SEC’s crypto breakdown and pressed on congressional monitoring.
- Coinbase expands globally despite the SEC atmosphere and ensures a VASP license in Argentina.
In a surprisingly legal feature, American Senator Cynthia Lummis has entered Coinbase vs. Sec -Strid. She handed in one Short friend of court in the US appealed court for the second circle.
Lummis challenges what she calls SEC’s “legislation-by-enforcement” strategy. She criticizes the agency’s legislative breakdown during the Biden administration.
For the context, the case revolves around SEC’s accusations that Coinbase has operated an unregistered trading platform, broker and clearing agency.
Senator takes a Jab on Sec
In his latest newspaper, Senator Cynthia Lummis claimed that SEC exceeded its authority under the former chairman Gary Gensler. She claimed that Sec’s aggressive attitude towards crypto regulation opposed the intended framework of Congress.
She accused the agency of reshaping securities laws to target digital asset platforms without proper legislative support.
Lummis emphasized that such regulatory transgressor undermines the crypto industry and raises concerns about SEC’s one -sided strategy for maintaining politics without the approval of the congress.
To take to X (formerly Twitter) she said,
“Sec’s strategy during the Biden administration was to aggressively interpret the law for Howey and investment contracts, keep these interpretations secret and then require compliance from digital supply exchanges.”
She added,
“Such a strategy is O -American. It is the task of the congress to provide a legislative framework that clearly draws the boundary between a security and a commodity. ”
Further emphasizes her confidence in Trump’s administration, she added,
“Under President Trump, we will take back innovation to America.”
What’s more?
Lummis claimed that the agency’s actions disturbed the balance of power between legislative and executive branches. She claimed that this past the role of legislator.
Interestingly, her comments come just a few days after being appointed to lead the Senate’s sub -committee for digital assets.
She aims to establish definitive guidelines for Cryptocurrency regulation and integrate Bitcoin (BTC) into the US financial system.
Despite the ongoing legal battle with Sec, Coinbase remains steadily in its global expansion. It recently secured a VASP license in Argentina as part of its commitment to comply with the legislation.
Gensler’s current journey
This development also coincides with the former Sec -chairman Gary Genslers return to the Academy at MIT Sloan School of Management, where he will focus on artificial intelligence, finance and general politics.
That said, his departure from Sec marks a change in leadership, leaving the future of crypto regulation uncertain yet positive given Trump’s pro-Crypto setting.
