- Lummis filed a brief supporting Coinbase’s motion to dismiss the SEC lawsuit.
- The senator argued that the SEC had exceeded its power.
U.S. Senator Cynthia Lummis filed an amicus brief supporting Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission’s lawsuit. This filing from the senator strengthens the exchange’s request to dismiss the SEC lawsuit.
In the legal battle between Coinbase and the U.S. SEC, the crypto exchange requested that the allegations against them be withdrawn in a brief that was submitted to the court hearing the SEC case on August 4.
According to the August 11 filing with the U.S. District Court for the Southern District of New York, Lummis emphasized that “this is no run-of-the-mill enforcement case.” The Senator claimed that the SEC is attempting to establish primary influence over the crypto industry by suing Coinbase over alleged securities violations.
Lummis argued that the SEC had exceeded its power by claiming that nearly every crypto asset is a security. She also mentioned that Congress hasn’t granted the SEC authority to regulate crypto assets. Along with Lummis, other crypto firms have raised their support for Coinbase. The continuous support from the crypto industry expected to reflect in the exchange’s ongoing lawsuit.
