U.S. Senator Lummis files amicus brief in support of Coinbase, accusing SEC of undermining regulatory efforts under Gensler

Odaily Planet Daily News Cryptocurrency supporter and Republican U.S. Senator Cynthia Lummis accused the U.S. SEC under former Chairman Gary Gensler of undermining lawmakers' efforts to regulate cryptocurrencies. Late last week, Lummis filed a 29-page amicus brief with the U.S. Court of Appeals for the Second Circuit in connection with the SEC's case against Coinbase, in which the agency accused the exchange of not being legally registered. She said in an emailed statement: "During the Biden administration, the SEC's practice was to actively reinterpret the case law governing Howey and investment contracts, keep those interpretations confidential, and then require digital asset exchanges to comply. This practice is not in line with the American spirit, and it is the job of Congress to provide a legislative framework that clearly demarcates the boundaries between securities and commodities." Lummis will lead the Senate Banking Committee's Digital Assets Panel in the new Congress. (The Block)