The crypto community, digital asset organizations, and lawmakers have voiced support for the dismissal of the U.S. Securities and Exchange Commission (SEC) lawsuit against Coinbase. In a recent update, attorney Patrick Kennedy has joined the lawsuit, seeking court approval to represent the Digital Chamber of Commerce as amicus counsel.
in legal documents submit On August 31, Kennedy submitted his application for admission Pro HAC Vices (for this) and intends to act as legal counsel to the Friends of the Digital Chamber of Commerce. The Chamber of Digital Commerce, along with the Blockchain Association, has played an important amicus curiae role in the ongoing litigation. A “friend of the court” is a party or individual who is not directly involved in a case but advises the court.
The Chamber of Digital Commerce aims to thwart the SEC’s efforts to regulate the digital asset industry through enforcement action. Instead of providing transparent guidelines and regulations, the SEC’s actions go against the intent of both houses of the U.S. Congress that are actively developing cryptocurrency regulations.
Coinbase executives Brian Armstrong and Paul Grewal remain optimistic that the lawsuit will be dismissed. Grewal believes that the SEC and its chairman, Gary Gensler, are trying to stifle cryptocurrency innovation in the United States. Additionally, lawmakers called on the court to dismiss the lawsuit.
related: Coinbase CEO reveals top 10 cryptocurrency ideas he’s urging developers to work on
The decisions in the Ripple and Grayscale cases highlighted the SEC’s lack of clarity in distinguishing which cryptocurrencies qualify as securities, underscoring a gap in regulatory clarity. In recent rulings, the U.S. Securities and Exchange Commission (SEC) has suffered defeats against both Ripple and most recently Grayscale, as it failed to provide sufficient reasons for rejecting a Bitcoin ETF switch.
Gensler believes that all cryptocurrencies other than bitcoin should be classified as securities, and that the SEC should have authority over the entire crypto industry. Still, the SEC’s credibility has been undermined by its seemingly illogical claims about cryptocurrencies. Additionally, the SEC’s delay in making a decision on seven bitcoin ETFs could cost investors financially.
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