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Coinpaprika 2025-01-29 08:08:23

Senator Lummis Fights SEC’s Overreach in Coinbase Case

Senator Lummis Fights SEC’s Overreach in Coinbase Case

US Senator Cynthia Lummis is challenging the SEC’s “legislation-by-enforcement” approach, arguing that its actions against Coinbase go beyond its legal authority. She has filed an amicus curiae brief in the case Coinbase vs SEC at the US Court of Appeals for the Second Circuit, opposing what she calls an unlawful power grab. Lummis criticizes the SEC’s aggressive tactics under Chair Gary Gensler, accusing the agency of secretly redefining laws like the Howey Test. This test determines whether an asset qualifies as an investment contract, but the SEC has been applying it in ways that Congress never intended. According to Lummis, this approach forces digital asset exchanges to comply with regulations that have never been properly debated or approved by lawmakers. She argues that only Congress has the constitutional authority to define whether digital assets should be treated as securities or commodities. The SEC, she warns, is overstepping its role by stretching nearly 100-year-old laws to fit new technologies. This could have severe consequences for the digital asset industry, potentially slowing innovation and creating legal uncertainty. Lummis believes the SEC’s tactics undermine the fundamental separation of powers. She points out that even Gensler himself admitted in 2021 that Congress—not the SEC—should establish the rules for digital assets. Despite this, the SEC has continued to expand its influence, using outdated legal interpretations to regulate an industry that operates in a completely different technological landscape. If the court sides with Coinbase, the decision could provide much-needed clarity on the SEC’s regulatory limits . Lummis warns that without intervention, the SEC’s unchecked power could stifle growth in the industry and make it difficult for businesses to navigate the unclear legal landscape. Coinbase recently secured a partial victory in its battle with the SEC. The US Court of Appeals ruled that the SEC had not provided a strong enough explanation for denying Coinbase’s request for clear regulatory guidelines. This ruling could influence the ongoing case and force the SEC to clarify its position. With multiple lawsuits challenging the SEC’s authority, the outcome of this case could have far-reaching implications. Lummis hopes her intervention will help establish clear legal boundaries and protect innovation in the digital asset sector.

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