Cryptocurrency lobbyists, including US Senator Cynthia Lummis, have called for the SEC’s lawsuit against Coinbase to be dismissed.
A group of crypto lobbyists and a group of professors appealed to the US Federal Court late last day. The SEC’s lawsuit against Coinbase is being dismissed by the court. This team includes US Senator Cynthia Lummis.
Organizations and lawmakers presenting the Amicus briefs have claimed that the SEC has exercised its jurisdiction in the Coinbase case, which has had negative consequences as a result. The SEC has attracted attention by filing a lawsuit against Coinbase and Binance in the past months.
Opposed to SEC’s Coinbase move
US Senator Cynthia Lummis, a group of cryptocurrency lobbyists, and some professors called for the Coinbase lawsuit the other day. Cryptocurrency supporters demanded that the SEC’s lawsuit against Coinbase be dismissed by the court.
Submitting the briefs to the court, the group stated that the SEC had overstepped its authority in litigation and pressure on crypto platforms such as Coinbase. The Amicus summaries are dedicated to Katherine Polk Failla, U.S. District Court Judge for the Southern District of New York.
Apart from the briefings presented by Lummis, abstracts were also presented by crypto startups and academics. Among those who made a claim to the court in favor of Coinbase are names such as Blockchain Association, Crypto Council for Innovation, Chamber of Digital Commerce, DeFi Education Fund.
In Amicus summaries, the following detail drew attention; “This is not an ordinary enforcement case. Through this case, the SEC seeks to have primary influence over economic, political and legal issues that are being actively considered by Congress and numerous agencies.”
Coinbase, on the other hand, filed a defense earlier this month that it had not violated securities laws.
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