The motion to dismiss the SEC’s lawsuit against Coinbase has received support from SenLummis, who filed an Amicus Brief asserting that the SEC is overstepping its authority with its approach to the crypto sector.
on Aug. 4, arguing that the SEC had “violated due process, abused its discretion, and abandoned its own earlier interpretations of the securities laws,” by asserting authority over the exchange.
“The SEC’s attempt to shoehorn an entire new class of assets into the existing definition of a ‘security,’ and thereby add to the definition enumerated by Congress, exceeds the SEC’s authority, encroaches on Congress’s lawmaking, and contravenes the separation of powers. The SEC cannot legislate by enforcement.”Lummis is not alone in filing an Amicus Brief supporting Coinbase’s motion to dismiss.
In an X thread announcing the move, the Blockchain Association’s senior counsel Marisa Tashman echoed Lummis’ comments that the “SEC's regulatory authority extends only to what Congress granted it,” as she highlighted the risks of the SEC’s approach to the sector:
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