US Senator Cynthia Lummis filed an amicus brief supporting Coinbase's motion to dismiss the SEC lawsuit against the firm, arguing that the SEC is trying to establish itself as the main authority on crypto and circumvent the political process. Lummis emphasized the importance of Congress legislating in this area of economic and political significance, as well as the ongoing debates and active consideration around crypto regulation.
According to a report by CoinTelegraph, Coinbase filed a motion to dismiss on Aug. 4, claiming the SEC had violated due process and overstepped its authority by asserting jurisdiction over the exchange. Lummis criticized the SEC's regulation-by-enforcement approach, suggesting it exceeds the agency's authority.
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Crypto advocacy groups, such as Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Tech Association, also filed a joint brief supporting Coinbase's motion to dismiss, expressing concerns about the SEC's approach to the crypto sector. They argued that the SEC's position on digital assets as investment contracts under federal securities laws is incorrect and threatens to sweep in many non-security assets.