Cynthia Lummis has taken a stand after calling out the SEC for trying to outrun the political
hierarchy after crowning itself as the authority figure in the cryptocurrency field.
Lummis Amicus’ Brief Filing
According to Cointelegraph.com, the senator went ahead and filed an amicus brief in support of the
dismissal of the case of Coinbase against the SEC. Strongly criticizing the SEC for trying to establish
dominance in the cryptocurrency field by filing a lawsuit against Coinbase, she strongly emphasized
the fact that this case was not a run-of-the-mill type.
She added that Congress would give the power to other agencies as much as the SEC is trying to go for
the top position. Since SEC hasn’t been pushed to the top yet, it decided to spring for a new method of
getting power. Far from this, she said that the SEC had been taking advantage of its power by considering
all crypto–related assets and securities. An example is when it referred to XRP (the Ripple token as a security.)
In her briefs, Senator Kirsten had come up with a set of regulations that outline the power of SEC
lies as well as where the CFTC may come into action.
Last Friday, Coinbase filed a dismissal motion. The grounds for this were that the SEC had
gone beyond its area of jurisdiction, taken advantage of its discretion, and had chosen to leave behind the
initial interpretations of the securities laws. Coinbase also stated that the transactions SEC had looked at
While suing them was not in line with an investment contract and therefore not a violation of the law.
Lummis’ Support Crew
The senator was not the only one who saw the reason for the case to be dismissed. The Blockchain
Association, Chamber of Progress, Crypto Council for Innovation, and Consumer Tech Association
ahead and filed a motion as well. Firms like Andersen Horowitz, Paradigm, and a few academicians also
filed a motion for the same purpose.
Marisa Tashman went as far as saying SEC was extending its authority and reiterated the fact that it
considers all assets securities.